Reuters-

Wells Fargo & Co (WFC.N) is close to settling a record fine of $1 billion imposed by two U.S. regulators for its risk management business, a source familiar with the matter told Reuters on Thursday.

Last week, the U.S. Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) proposed Wells Fargo to pay the penalty to resolve probes into auto insurance and mortgage lending abuses at the third largest U.S. bank.

Wells Fargo declined to comment.

[REUTERS]

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