Federal regulators plan to fine Wells Fargo as much as $1 billion as early as Friday for abuses tied to its auto-lending and mortgage businesses, The New York Times and other news outlets reported, citing unnamed sources.
The potential $1 billion fine would be largest ever imposed by the Office of the Comptroller of the Currency, the bank’s main national regulator, and the Consumer Financial Protection Bureau, the federal watchdog bureau set up after the Great Recession.
The fine against Wells Fargo had been expected. San Francisco-based Wells Fargo said last week that it was negotiating with federal regulators to pay as much as $1 billion in fines to settle various charges.
A CFPB spokesman declined to comment, as well as a spokesman for the Comptroller’s Office. A spokeswoman for Wells Fargo also declined to comment.