Wells Fargo faces government inquiries into its PPP lending

Posted at 8:46 AM, May 06, 2020
and last updated 2020-05-06 11:46:58-04

Federal and state agencies are looking into Well Fargo's lending through the SBA Paycheck Protection Program, the bank said in an SEC filing Tuesday.

San Francisco-based Wells also said it’s facing class action litigation in state and federal courts in California, Colorado and Texas.

“The company has also received formal and informal inquiries from federal and state government agencies regarding its offering of PPP loans,” the bank said in the filing with the Securities and Exchange Commission.

Wells Fargo declined to comment on which agencies are looking into its PPP lending or the nature of those questions.

Read more from the Phoenix Business Journal.