The Financial Times reports that JPMorgan Chase spent $7.4 million on Washington-based lobbying last year, according to congressional filings. Although JPMorgan Chase is the larger bank in terms of assets, Wells Fargo has become more prominent in the residential lending sector and currently holds a 34% share of the mortgage market. Most of the San Francisco-based bank's lobbying has focused on the federal government's efforts to reshape and redefine mortgage banking.
‘Our government activities and staff have naturally increased as the size of the company has doubled,’ said the bank in a statement. ‘Wells Fargo is conservative and includes a broad range of government relations activity. It's difficult to compare because reporting practices can vary.’
According to the Financial Times, Wells Fargo's lobbying presence is being welcomed in Washington. The newspaper cited an unnamed ‘former Obama administration official’ as praising Wells Fargo for ‘being more thoughtful’ with its approach to shaping mortgage policies.