Citi analyst Keith Horowitz said Tuesday that a fresh mention of ongoing discussions between Wells Fargo & Co WFC, +2.09% and federal banking regulators amounts to “incremental positive news” for the bank. Wells Fargo said in a Monday filing it’s in “resolution discussions” with the Consumer Financial Protection Bureau on a number of the regulator’s investigations and inquiries including automobile lending matters, consumer deposit account related matters and mortgage lending matters. “While timing is still uncertain on when the CFPB consent orders may be lifted, the new disclosure does provide some level of comfort that things are moving forward on the regulatory front,” said Horowitz, who reiterated a buy rating on the stock. All told, Wells Fargo is handling nine outstanding consent orders including three from the CFPB related to its consumer lending practices. Shares of Wells Fargo are up 1% in premarket trades.
