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LOS ANGELES —Federal authorities have advised Wells Fargo that they may seek damages and fines for alleged discrimination in mortgage lending.
In a Securities and Exchange Commission filing Tuesday, the San Francisco bank disclosed the latest development in an ongoing investigation and said it has complied with fair-lending laws.
Wells Fargo has long been among the largest mortgage lenders and emerged in the first quarter as the overwhelming leader, with 34 percent market share, compared with under 11 percent for runner-up JPMorgan Chase & Co.
The government also is investigating whether Wells Fargo misled investors about its mortgage bonds.
