Wells Fargo has confirmed today that the Office of the Comptroller of the Currency (OCC) has terminated a consent order issued in 2016 regarding sales practices misconduct. The consent order mandated Wells Fargo to overhaul its approach to offering and selling products and services to consumers, as well as take additional measures to safeguard its customers and employees.
Charlie Scharf, CEO of Wells Fargo since 2019, commented on today’s development:
“I have consistently emphasized that implementing a risk and control framework suitable for a bank of our size and complexity is our foremost priority, and the closure of consent orders signifies significant progress. This marks the sixth consent order terminated by our regulators since 2019.
The confirmation from the OCC that we have successfully implemented the required measures is a testament to the dedication of many of our employees. I extend my gratitude to everyone at Wells Fargo involved in this transformation of our business practices. We emerge as a stronger, more resilient Wells Fargo for our customers and communities, while remaining focused on the ongoing tasks at hand.
Our commitment to risk management and control remains our highest priority.”
About Wells Fargo:
Wells Fargo & Company (NYSE: WFC) is a leading financial services firm with assets totaling approximately $1.9 trillion. Our offerings encompass a diverse range of banking, investment, and mortgage products and services, as well as consumer and commercial finance, across four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked 47th on Fortune’s 2023 list of America’s largest corporations. In the communities we serve, we concentrate our social impact efforts on fostering a sustainable, inclusive future by supporting initiatives related to housing affordability, small business development, financial wellness, and environmental sustainability. For more news, insights, and perspectives from Wells Fargo, visit Wells Fargo Stories
