Des Moines, July 8, 2008 – Wells Fargo commends the U.S. President’s Advisory Council on Financial Literacy in endorsing and accepting recommendations to include financial literacy as a part of responsible subprime lending. We also commend the leadership of Vice Chairman John Hope Bryant, and the Committee on the Under-Served, to bring forth a very sound set of proposals to the Council.
Wells Fargo has and continues to strongly lead with responsible subprime lending principles and we are honored to play a role in crafting our industry’s best practices. We are committed to enabling the financial success of credit-challenged borrowers by building upon their financial literacy. This is critical to our industry and to all Americans.
We support the Council on Financial Literacy and the Committee’s recommendations noted in the "The Future of Responsible Sub-Prime Lending." We agree with the Council that financial literacy should serve as a foundation to all responsible subprime lending and understand the Council is continuing its discussions. We look forward to their final determination.
Wells Fargo & Company is a diversified financial services company with $595 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest possible credit rating from both Moody’s Investors Service, “Aaa,” and Standard & Poor’s Ratings Services, “AAA.”