Wells Fargo & Co. turned to Sullivan & Cromwell for the negotiations with financial regulators that ended in Friday’s $1 billion agreement to resolve various mortgage and auto-lending abuses, according to a source familiar with the matter.

The settlement with the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency comes two years after those agencies fined Wells Fargo for opening millions of potentially unauthorized accounts. The $100 million fine Wells Fargo agreed to pay to the CFPB in 2016 had represented the largest penalty in the agency’s history.

H. Rodgin Cohen. Credit: Rick Kopstein/ ALM

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]