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Wells Fargo faces probes over low-income housing tax credits - filing

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By Reuters
Wells Fargo faces probes over low-income housing tax credits - filing
FILE PHOTO: A man walks by an ATM at the Wells Fargo & Co. bank in downtown Denver, U.S., April 13, 2016. REUTERS/Rick Wilking/File Photo   -   Copyright  Rick Wilking(Reuters)
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NEWYORK (Reuters) – Multiple U.S. agencies are probing Wells Fargo & Co’s <WFC.N> use of low-income housing tax credits, the bank said in a regulatory filing on Friday.

The inquiries focus on how Wells Fargo purchased or negotiated the purchase of those credits in connection with its financing of low-income housing developments, according to its 10-Q filing with the U.S. Securities and Exchange Commission. Wells Fargo did not disclose the agencies conducting the probes.

(Reporting by Lauren Tara LaCapra; Editing by Meredith Mazzilli)

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