(Reuters) -Wells Fargo said on Thursday that the U.S. Office of the Comptroller of the Currency had terminated a 2015 consent order against the lender. This marks the thirteenth consent order closed by Wells Fargo’s regulators since 2019 and the seventh since the beginning of the year, the Wall Street giant said. Consent orders are […]
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Wells Fargo says US OCC terminated 2015 consent order
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(Reuters) -Wells Fargo said on Thursday that the U.S. Office of the Comptroller of the Currency had terminated a 2015 consent order against the lender.
This marks the thirteenth consent order closed by Wells Fargo’s regulators since 2019 and the seventh since the beginning of the year, the Wall Street giant said.
Consent orders are enforcement actions involving a fine or specific directive to address an issue.
Wells Fargo’s regulatory issues came under the spotlight after a fake accounts scandal erupted in 2016, leading to intense scrutiny and billions of dollars in fines.
Since 2018, the bank has also operated under a U.S. Federal Reserve-imposed asset cap, one of the most severe penalties available to regulators, which bars it from growing its balance sheet beyond $1.95 trillion until its problems are fixed.
(Reporting by Manya Saini in Bengaluru; Editing by Alan Barona)