WASHINGTON -- Wells Fargo & Co. is close to settling a record fine of $1 billion imposed by two U.S. regulators for its risk management business, a source familiar with the matter told Reuters on Thursday.

Regulators have been investigating Wells Fargo for months after it acknowledged charging thousands of borrowers for auto insurance they didn’t need, driving some to default on their auto loans and lose their vehicles through repossession.

Wells Fargo also admitted that it had charged some customers improper fees to lock in an interest rate for a mortgage. The combined $1 billion fine would be among the largest ever levied by either regulator.

The settlement could be released as soon as Friday, The Washington Post reported, and would be the most aggressive move by federal regulators under the Trump administration to penalize a large bank.

The CFPB’s interim director, Mick Mulvaney, has lobbied hard for the penalty against Wells Fargo, The New York Times reported. The consumer bureau’s portion of the penalty is likely to represent the largest fine in its history, the paper said.

Last week, the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency proposed Wells Fargo to pay the penalty to resolve probes into auto insurance and mortgage lending abuses at the third largest U.S. bank.

Wells Fargo declined to comment.

The CFPB had been readying sanctions alongside the OCC, Wells Fargo's day-to-day regulator.

The bank, still smarting from a prolonged sales scandal in its retail banking business, found inconsistencies at its auto lending and mortgage in the summer of 2017, leading to further probes by regulators.

To appease investors and regulators, the bank has overhauled operations, revamped its board and hired a new compliance officer.