Wells Fargo CFO Mike Santomassimo reports strong loan momentum this quarter. Speaking on Bloomberg’s “The Close,” he addressed concerns about the bank’s credit health. Santomassimo stated he does not see credit trends deteriorating, offering a positive outlook on the bank’s lending environment and portfolio performance amidst broader market questions.

Santomassimo flagged a significant risk, warning that a presidential proposal could pull back credit at a critical time. Such a move would reduce consumer access across the entire credit card spectrum. This potential policy shift threatens lending activity, impacting consumers who rely on revolving credit lines for everyday financial flexibility.

This discussion occurs while Wells Fargo works to shed its long-standing asset cap imposed by regulators after past consumer abuses. Strong loan growth helps the bank’s recovery narrative. The CFO’s comments aim to reassure investors that the bank maintains a healthy loan book while navigating political and regulatory pressures.