NEW YORK – Wells Fargo & Co has entered into preliminary discussions with the U.S. Department of Justice and the U.S. Securities and Exchange Commission seeking a resolution related to inquiries over its sales practices.
As CUToday.info has reported, Wells Fargo has been found to have engaged in numerous scandals from opening millions of bogus accounts for customers as employees strived to meet aggressive sales goals, to illegally foreclosing on some mortgage borrowers, among a host of other practices.
The bank is currently operating under a rare asset-growth cap put in place by the Federal Reserve.
In a regulatory filing, Wells Fargo said it has no assurance on the outcomes of the talks it is in with the SEC and Justice Department.
Wells Fargo has raised the high-end of its estimated range of potential losses related to legal matters to $2.7 billion, after having earlier lowered it.