California Treasurer John Chiang will make an announcement regarding Wells Fargo Bank at a press conference this afternoon.
The 3 p.m., EST, announcement in California comes after the New York's Metropolitan Transportation Authority on Monday put its business with Wells Fargo Securities on hold pending a review of the bank's practices.
Earlier this month, the Consumer Financial Protection Bureau fined Wells Fargo $185 million in penalties after it was found that thousands of bank employees opened more than two million fraudulent consumer accounts to help meet sales goals, according to the a press release announcing the news conference.
On Tuesday, the biggest municipal bond deal of the day was postponed. Wells Fargo Securities had been slated to price the California State Public Works Board's $527.54 million of lease revenue refunding bonds.
No reason for the delay was made public on Tuesday and the Treasurer office's declined to comment at that time.