Wells Fargo in San Francisco is bracing for a $1.8 billion invoice from the Federal Deposit Insurance Corp.
The FDIC is planning to collect a special assessment to replenish the Deposit Insurance Fund. The amounts would be based on a bank’s uninsured deposits.
The $1.9 trillion-asset Wells Fargo said in a quarterly filing that its special assessment could total up to $1.8 billion, adding that it plans to expense the entire amount once the rule is finalized.
“The proposed rule may be changed prior to finalization and any changes may affect the timing or amount of the special assessment,” Wells Fargo added.