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David Moskowitz General Counsel, Wells Fargo Home Mortgage Wells Fargo & Co Testimony Before the Subcommittee on Financial Institutions and Consumer Credit A hearing entitled "The Role of FCRA in the Credit Granting Process" June 12, 2003 1 My name is David Moskowitz and I am the General Counsel for Wells Fargo Home Mortgage, headquartered in Des Moines, Iowa. Wells Fargo, our parent company, is a diversified financial services company, offering mortgage, securities, insurance, real estate services, online banking, institutional and retail banking products under the Wells Fargo brand through a number of separately incorporated affiliates to 15 million customers nationwide. Wells Fargo's headquarters is in San Francisco; the company has 130,000 employees, has mortgage offices nationwide, and has a retail banking presence in 23 states. Thank you for the invitation to testify. I would like to share with you some of Wells Fargo Mortgage's experiences in providing products and services within the framework established by the Fair Credit Reporting Act. Wells Fargo Home Mortgage works in concert with its other Wells Fargo business affiliates in providing financial services products to customers. Marketplace experience shows that consumers expect the financial services companies they do business with to know about their accounts, to respond quickly to their questions and to advise them about products and services that will help them reach their financial goals. The service consumers expect requires that Wells Fargo have integrated information systems to give customers what they want -- when, where and how they want it. Subject to the Fair Credit Reporting Act, Wells Fargo shares customer information internally to meet these goals. |
