Wells Fargo faces $1B fine for mortgage, auto-loan abuses

(USA Today) Federal regulators are seeking a $1 billion payment from Wells Fargo to settle problems with mortgage and auto loan issues, along with compliance risk management concerns, the bank said Friday as it reported its first-quarter earnings.

Although the finances reported by the financial giant topped Wall Street forecasts, the San Francisco-based bank warned that the results are subject to change due to continuing talks with the regulators.

Wells Fargo said it was “unable to predict the final resolution” of its discussions with the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency and could not “reasonably estimate our related loss contingency” at this time.

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