Wells Fargo Says DOJ May Seek Penalties Over Fair Lending
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Wells Fargo & Co., the largest U.S. mortgage lender, said federal prosecutors may seek damages and penalties after investigating whether it violated anti-discrimination laws while financing homeowners.
“The Department of Justice has advised Wells Fargo that it believes it can bring claims,” the bank said today in a regulatory filing, without elaborating on potential allegations. “We believe such claims should not be brought and continue seeking to demonstrate to the Department of Justice our compliance with fair-lending laws.”