BTIG bank policy analyst Isaac Boltansky says Wells Fargo’s settlement with the Consumer Financial Protection Bureau is "another step in the right direction." While the headline figure is sizable, and the CFPB’s corresponding rhetoric is "rather pointed," the settlement is a positive development for Wells as it represents forward movement in resolving its legacy regulatory issues, Boltansky tells investors in a research note. The news also reinforces that the bank is "steadily moving down the path" to resolving the Federal Reserve’s asset growth cap.
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