U.S. agencies are probing Wells Fargo & Co's handling of the Paycheck Protection Program (PPP) for coronavirus relief, the country's fourth largest lender said on Tuesday.
FILE PHOTO: Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon
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.
As of April 27 the bank had submitted more than 100,000 PPP applications to the Small Business Administration for review, Wells Fargo spokesman Manuel Venegas said on Tuesday.
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