SEC Looking Into Wells Fargo Communications – NMP Skip to main content

SEC Looking Into Wells Fargo Communications

Feb 22, 2023
Wells Fargo Bank
Head of Multimedia

Regulators have been cracking down on retention of employee messages

Wells Fargo is once again under investigation by federal regulators. 

This time, the U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission are looking into Wells Fargo’s “compliance with records retention requirements relating to business communications sent over unapproved electronic messaging channels,” the company disclosed Tuesday in an SEC filing. 

The company did not elaborate. The SEC has been cracking down on publicly traded companies’ retention of electronic messages between employees. 

In September, the agency announced settlements with 15 firms totaling $1.1 billion for “widespread and longstanding failure” to maintain and preserve these communications. 

The list of offenders included Bank of America Securities Inc., Citigroup Global Markets Inc., and Goldman Sachs & Co. LLC. 

Wells Fargo also disclosed in Tuesday’s filing that it remains “involved in a number of judicial, regulatory, governmental, arbitration and other proceedings or investigations concerning matters arising from the conduct of its business activities, and many of those proceedings and investigations expose the Company to potential financial loss or other adverse consequences.” 

In December, the nation’s fourth largest bank by assets agreed to pay the Consumer Financial Protection Bureau $3.7 billion to settle a complaint over a wide range of practices. 

The CFPB said at the time that Wells Fargo had engaged in a “rinse-repeat cycle of violating the law,” including improperly denying thousands of applications for mortgage loan modifications. 

Wells Fargo did score a partial victory last month, when a federal judge in North Carolina dismissed parts of a discrimination lawsuit. 

The judge did allow the case, which alleges Wells Fargo relied on a biased appraisal as part of a refinance application, to move forward, but dismissed claims the bank conspired with the appraiser to commit any wrongdoing. 

About the author
Head of Multimedia
Mike Savino was Head of Multimedia at NMP.
Published
Feb 22, 2023
New Appraisal Rules Could Vary By Lender Under GSE Exception

Fannie and Freddie are giving some lenders more time to adopt UAD 3.6, meaning mortgage brokers may need to navigate different appraisal requirements across wholesale partners

Credit-Score Competition Could Expand Beyond FICO, VantageScore

CHLA sees new Fannie and Freddie score disclosures as a first step toward more competition, while lenders are already finding different borrower outcomes under today's models

Mortgage AI Survey Finds Monitoring Gap At Smaller Lenders

Only 40% of smaller lenders surveyed reported ongoing AI monitoring, compared with 80% of larger lenders, as a new state examiner guide details the records regulators may request

Fannie Changes How Rent From A Former Home Counts

Fannie now prohibits leases for departing residences and permits market-analysis tools instead of Form 1007, creating a key documentation difference from Freddie Mac

ACES Targets Loans Traditional QC Samples May Miss

New population-testing technology applies lender-defined rules across selected origination and servicing records, then directs flagged files to human reviewers

Sep 21, 2026
The Risk Your Credit Score Can't See

Place-based market risk can produce dramatically different default outcomes among borrowers with nearly identical credit profiles

Sep 17, 2026