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.
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It’s the second time in as many years regulators have penalized Centaurus Financial for lack of compliance with Reg BI.
AI Teammate is embedded within Wells Fargo’s Advisor Gateway desktop platform.
Elsewhere, Ameriprise added a $470 million Wells team in New York, while an ex-Morgan Stanley advisor bolsters UBS' Austin, Texas office.
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