Wells Fargo braces for penalty from regulators

Another day, another settlement..

Wells Fargo & Co., the biggest U.S. bank by market value, is to be the subject of a regulatory enforcement action related to its cross-selling of products and sales tactics, according to people familiar with the matter.

The Office of the Comptroller of the Currency, Consumer Financial Protection Bureau and Los Angeles City Attorney plan to announce the civil action and a related settlement Thursday, the people said. The amount of a fine or remedial actions that may result weren’t immediately clear.

Wells Fargo declined to comment on any discussions with regulators.

Read on.

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