Wells Fargo (WFC) Confirms Termination of OCC Add-On Products Consent Order
Get Alerts WFC Hot Sheet
Join SI Premium – FREE
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wells Fargo (WFC) Weighs Debut Risk Transfer as Banks Shore Up Capital - Bloomberg
- Wells Fargo Upgrades Neurocrine Bio. (NBIX) to Overweight 'as the Company is Knocking on the Doors of the Large-Cap Club'
- Methanex (MEOH) Appoints Roger Perreault to its Board
Create E-mail Alert Related Categories
Corporate News, LitigationRelated Entities
Twitter, Wells FargoSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!