The San Francisco-based bank has received “formal and informal inquiries from federal and state governmental agencies regarding its offering of PPP loans,” it said in a regulatory filing without elaborating. Wells Fargo faced a string federal investigations for most of the last three years after a sales practices scandal erupted in 2016. It wrapped up the last major probe into the issue in February, in a $3 billion settlement with the Department of Justice and Securities and Exchange Commission.Small businesses have filed lawsuits against U.S. banks including Wells Fargo, JPMorgan Chase & Co and Bank of America …read more
Source:: Yahoo Finance
