Wells Fargo Grows in the Bay Area

Wells Fargo Bank is buying Greater Bay Bank, a $7 billion bank in the San Francisco Bay Area.   This creates a heightened opportunity for community representatives to discuss certain key and continuing issues with the Bank. Wells Fargo has filed for approval of this purchase and comments are due by July 23.
●    Mortgages: CRC has asked Wells Fargo Bank to be a leader in the current mortgage lending crisis by declaring a six month moratorium.  CRC has asked the Bank to institute a seamless lending and underwriting system so that the borrower gets the least expensive loan regardless of the lending channel through which they enter.
●    Payday Loans: CRC has asked the Bank to be a leader in undercutting payday lending by returning its pricing to $5 per $100 borrowed and limiting the number of direct deposit advances to three within a six-month period.
●    Greater Bay Bank Branches: Greater Bay has forty branches serving Bay Area neighborhoods.  Will they all stay open?
●    Community Goals: CRC sees Wells Fargo’s 1998 community commitment as a positive statement to Californians. It should be reviewed and renewed because of the new size and broader efforts of the Bank.