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