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Wells Fargo Confirms Termination of OCC Add-On Products Consent Order
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Wells Fargo has announced the termination of its June 3, 2015 consent order from the Office of the Comptroller of the Currency (OCC) regarding add-on products sold to retail banking customers prior to 2015. This marks a significant step as the company continues to address legacy regulatory challenges, following similar terminations of consent orders by the Consumer Financial Protection Bureau and the OCC in the past years. With approximately $1.9 trillion in assets, Wells Fargo serves a large portion of U.S. households and small businesses.
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SAN FRANCISCO--(BUSINESS WIRE)--
Wells Fargo 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.
Exterior of Wells Fargo branch. (Photo: Wells Fargo)
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.
