A U.S. bank regulator has flunked Wells Fargo (WFC.N) on a national scorecard for community lending, the lender said on Tuesday as it tries to repair its reputation after a phony-accounts scandal.

Wells Fargo was deemed a bank that "needs to improve" under the Community Reinvestment Act (CRA), a law meant to promote lending to poor neighbourhoods.

The Office of the Comptroller of the Currency, the leading regulator for national banks, scores banks on CRA ratings.

Wells Fargo has a track record of serving needy communities but the lender has yet to see its way through scandals, said Tim Sloan, the chief executive officer.

"We are committed to addressing the OCC's concerns because restoring trust in Wells Fargo and building a better bank... is our top priority,” Sloan said in a statement.