Wells Fargo: The Feds Are Still After Us – NMP Skip to main content

Wells Fargo: The Feds Are Still After Us

Feb 26, 2016
Wells Fargo has quietly admitted that it still the subject of multiple probes by government agencies

Wells Fargo has quietly admitted that it still the subject of multiple probes by government agencies.

In a Reuters report that cited the San Francisco-based lender’s annual 10-K filing, Wells Fargo acknowledged that it is the subject of "investigations or examinations of certain mortgage-related practices" from "federal and state government agencies, including the U.S. Department of Justice." The filing did not identify which states have Wells Fargo in their crosshairs, nor did it hint at the depth and scope of the investigations.

In a filing issued earlier this month, Wells Fargo stated it had reached an agreement in principle to a $1.2 billion settlement that would resolve a 2012 lawsuit brought by the office of Manhattan U.S. Attorney Preet Bharara. The company also stated it would settle by the U.S. Attorney's office in San Francisco and the U.S. Department of Housing and Urban Development.

Neither Wells Fargo nor the Department of Justice offered a public comment on the statement in the 10-K filing.

About the author
Published
Feb 26, 2016
CFPB Issues AI Underwriting Guidance On Adverse Action Notices

The agency says proprietary and machine-learning models do not relieve lenders of their fair lending and disclosure responsibilities

VantageScore Says 4.0 Model Could Unlock $1 Trillion In Mortgage Originations

New study says VantageScore 4.0 scores five million more creditworthy borrowers than FICO Score 10T, expanding lending opportunities as the industry prepares for the GSE credit score transition

MISMO Updates Mortgage Insurance Standards To Support FICO 10T, VantageScore 4.0

New implementation guide standardizes mortgage insurance data exchange, helping lenders, insurers and technology providers prepare systems for newer credit scoring models

Congress Weighs New Roadmap To End Fannie, Freddie Conservatorship

Rep. Scott Fitzgerald's three-bill housing package would establish a statutory framework for releasing the GSEs while expanding construction lending and easing some TRID compliance requirements

CHLA Backs Bank Capital Proposal, Questions Impact On Mortgage Lending

Trade group supports lower mortgage risk weights but says broader market forces — not capital rules — drove banks' retreat from the market

Senate Passes 21st Century ROAD To Housing Act In 85-5 Vote

Sweeping housing package heads back to House after Senate clears final version with broad bipartisan support