Wells Fargo in discussions with regulator to resolve investigations

Wells Fargo in discussions with regulator to resolve investigations
The firm is in talks with the Consumer Financial Protection Bureau regarding cases involving automobile lending, consumer-deposit accounts and mortgage lending.
NOV 01, 2022
By  Bloomberg

Wells Fargo & Co., which set aside $2 billion last quarter to deal with legal matters, said it’s in talks with the Consumer Financial Protection Bureau to resolve investigations.

The negotiations cover “a number of CFPB investigations, inquiries and other matters,” including cases involving automobile lending, consumer-deposit accounts and mortgage lending, the San Francisco-based firm said Monday in a regulatory filing.

“There can be no assurance as to the outcome of these discussions,” the bank said.

Wells Fargo said earlier this month that it was setting aside billions for a variety of historical legal matters, including litigation, regulatory cases and efforts to make customers whole.

Latest News

JPMorgan tells fintech firms to start paying for customer data
JPMorgan tells fintech firms to start paying for customer data

The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.

FINRA snapshot shows concentration in largest firms, coastal states
FINRA snapshot shows concentration in largest firms, coastal states

The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.

Why advisors to divorcing couples shouldn't bet on who'll stay
Why advisors to divorcing couples shouldn't bet on who'll stay

Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.

SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives
SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives

With more than $13 billion in assets, American Portfolios Advisors closed last October.

William Blair taps former Raymond James executive to lead investment management business
William Blair taps former Raymond James executive to lead investment management business

Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.