SAN FRANCISCO — Federal and state agencies are looking into Well Fargo's lending through the U.S. Small Business Administration's Paycheck Protection Program, the bank said in an SEC filing Tuesday.
San Francisco-based Wells Fargo, the largest bank by deposits in Colorado and the largest SBA lender in the state, 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 (NYSE: WFC) declined to comment on which agencies are looking into its PPP lending or the nature of those questions.
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