NEW YORK (Reuters) -U.S. consumers are raising spending and paying bills on time, reflecting their continued financial health, said Wells Fargo ( WFC ) Chief Financial Officer Mike Santomassimo on Tuesday.

"Despite what you may read in terms of softening, we are seeing activity levels still to be quite strong and credit performance to still be quite good on the consumer side," Santomassimo told investors at a conference.

The Federal Reserve lifted Wells Fargo's ( WFC ) seven-year $1.95-trillion asset cap this year, allowing the bank to grow without any limitations.

    With the asset cap lifted, the company is shifting its focus from fixing regulatory problems to growing its share in the commercial and corporate investment banking business and wealth management, Santomassimo said.

The bank could be open to acquisitions to add capabilities in payments or other products, but the bar would be high for such opportunities, he added.