Wells Fargo said near settlement of up to $1B with regulators

FOX Business’ Kristina Partsinevelos reports that the Consumer Financial Protection Bureau is considering hitting Wells Fargo with a very large fine.

Wells Fargo is close to settling claims by federal regulators related to its risk management and will pay a fine as high as $1 billion, The Wall Street Journal reported on Thursday.

The settlement with the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency is expected to be announced as soon as Friday, people familiar with the matter told the Journal. The settlement is expected to provide details of the bank’s failures to detect and prevent problems including improper charges to consumers in its mortgage and auto-lending businesses.

The deal also could include increased regulatory scrutiny of the bank’s compensation to employees responsible for its sales practices, a person familiar with the matter told the Journal.

Ticker	Security	Last	Change	Change %
WFC	WELLS FARGO & CO.	77.37	+0.49	+0.64%

The bank disclosed last week that the CFPB and the OCC had offered to the resolve civil investigations for $1 billion. The final terms of the settlement couldn’t be determined.

A Wells Fargo spokesman reached by FOX Business declined to comment.