On March 28, 2017, Wells Fargo Company (the Company) issued a
press release announcing its most recent Community Reinvestment
Act (CRA) rating of Needs to Improve. A Needs to Improve rating
imposes regulatory restrictions and limitations on certain of the
Companys nonbank activities, including its ability to engage in
certain nonbank mergers and acquisitions or undertake new
financial in nature activities, and CRA performance is taken into
account by regulators in reviewing applications to establish bank
branches and for approving proposed bank mergers and
acquisitions. The rating also results in the loss of expedited
processing of applications to undertake certain activities, and
requires the Company to receive prior regulatory approval for
certain activities, including to issue or prepay certain
subordinated debt obligations, open or relocate bank branches, or
make certain public welfare investments. In addition, a Needs to
Improve rating could have an impact on the Companys relationships
with certain states, counties, municipalities or other public
agencies to the extent applicable law, regulation or policy
limits, restricts or influences whether such entity may do
business with a company that has a below Satisfactory rating.

A copy of the press release is included as Exhibit 99.1 to this
report and is incorporated by reference into this Item 8.01.
Information available on the Companys website and referenced in
the press release is not incorporated by reference into this Item
8.01 or this report.

Item 9.01 Financial Statements and Exhibits>