Wells Fargo Spent $7.8M On D.C. Lobbying In 2011

Posted by Orb Staff on July 05, 2012 No Comments
Categories : Residential Mortgage

11924_wellsfargo Wells Fargo Spent $7.8M On D.C. Lobbying In 2011 Wells Fargo spent $7.8 million last year on in-house lobbyists in Washington, D.C., a 40% increase in its lobbying spending since 2010.

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.

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