Wells Fargo, Bank of America to pay FDIC up to $3.7 billion combined for bank failure special assessment

Wells Fargo & Co.
WFC,
-1.56%
said it will pay up to $1.8 billion to the Federal Deposit Insurance Co.’s deposit insurance fund as part of the government’s special assessment following the regional-bank crisis earlier this year. Wells Fargo said it will expense the entire amount upon the FDIC’s finalization of the rule. “The proposed rule may be changed prior to finalization and any changes may affect the timing or amount of the special assessment,” Wells Fargo said in a filing late Tuesday. Bank of America Corp.
BAC,
-1.49%
estimated its cost for the same effort would be $1.9 billion, according to a Monday filing.