NEW YORK, Sept 9 (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.