Upgrade to SI Premium - Free Trial

Wells Fargo (WFC) Confirms Termination of OCC Add-On Products Consent Order

January 20, 2022 11:43 AM

Wells Fargo (NYSE: WFC) today confirmed that the Office of the Comptroller of the Currency (OCC) terminated its June 3, 2015 consent order regarding add-on products that the company sold to retail banking customers before 2015.

Wells Fargo’s top priority is building a risk and control infrastructure appropriate for its size and complexity. The termination of the 2015 consent order is a step in this work, as the company continues to focus on resolving legacy regulatory issues. In September 2021, a Consumer Financial Protection Bureau (CFPB) consent order issued in 2016 regarding the bank’s retail sales practices expired. In January 2021, the OCC terminated a 2015 consent order related to the company’s Bank Secrecy Act/Anti-Money Laundering compliance program. In May 2020, the OCC upgraded Wells Fargo’s Community Reinvestment Act rating to “outstanding.”

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is the leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.

Categories

Corporate News Litigation

Next Articles