The financial regulation reform billObama signed into law Wednesday will have very little effect on Wells Fargo’s earnings and operations compared with peer banking institutions, according to Howard Atkins, CFO at Wells Fargo.
“We see very little impact in the near term and probably over time much smaller than our peers,” Atkins told CNBC.
Atkins explained that because Wells Fargo focuses on the consumer and “Main Street,” the financial regulation bill would not impact the bank negatively.
The bill is designed to protect consumers against hidden bank fees, but Atkins said the banking industry may come up with other fees regardless.
“A balance has to be found here for what’s appropriate for the pricing of the product and the return that’s necessary for the bank for providing the capital," he said.
“We think there are a number of things that the bill gets right, particularly those things that relate to the consumer,” Atkins said, adding, “And in that sense, our interests are very much aligned with the bill.”
After the bill was signed into law, Wells Fargo shares were up on the New York Stock Exchange.