Wells Fargo Launches Office of Consumer Practices

Rhea-AI Summary

Wells Fargo (NYSE: WFC) has launched the Office of Consumer Practices (OCP) to enhance consumer-focused advisory within its operations. Led by Michael Lipsitz, the OCP aims to ensure fair and transparent products and services while integrating customer perspectives into decision-making. Key initiatives will include evaluating consumer-related practices, engaging in product development, analyzing complaint data, and advising on policies impacting customer interaction. This reflects Wells Fargo's commitment to improving customer experience and strengthening its risk management framework.

Positive

• Launch of the Office of Consumer Practices to enhance consumer focus.
• Incorporation of customer perspectives into decision-making processes.
• Commitment to improving sales practices and overall customer experience.

Negative

• None.

Wells Fargo & Company (NYSE: WFC) announced today the launch of a new enterprise-wide, consumer-focused advisory group, the Office of Consumer Practices (OCP). The OCP will be part of the Chief Operating Office and will be led by Michael Lipsitz, Chief Regulatory and Policy Affairs Executive.

External view of a Wells Fargo building with a glass front and individuals walking by (Photo: Wells Fargo)

“Keeping customers front and center is at the heart of Wells Fargo’s continued evolution,” said CEO Charlie Scharf. “The Office of Consumer Practices will play an important role in ensuring our products, services, and business practices are fair and transparent.”

The Office of Consumer Practices’ work will complement efforts already underway to improve the company’s sales practices and its overall customer experience. The group’s activities will include:

• Assessing and advising on consumer-related products, services, and business practices to ensure the consumer’s perspective plays a significant role in decision-making
• Engaging in all elements of the customer-product lifecycle, including advising on product development processes like terms, conditions, and pricing
• Reviewing complaints metrics and other data to help identify and advise on potential consumer-related trends and outcomes
• Providing advice on policies, procedures, and training that impact how Wells Fargo interacts with consumers, including older adults and people with disabilities

“By launching the Office of Consumer Practices, we are taking another step to embed the customer perspective directly into our decision-making processes, which is an important part of strengthening our risk and control infrastructure,” said Chief Operating Officer Scott Powell.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.92 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,200 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. 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.

News Release Category: WF-CF

View source version on businesswire.com: https://www.businesswire.com/news/home/20210112005753/en/

FAQ

What is the Office of Consumer Practices at Wells Fargo?

The Office of Consumer Practices (OCP) is a newly launched advisory group at Wells Fargo focused on enhancing consumer perspectives in decision-making.

Who leads the Office of Consumer Practices at Wells Fargo?

Michael Lipsitz, the Chief Regulatory and Policy Affairs Executive, leads the Office of Consumer Practices.

What are the goals of the Office of Consumer Practices at Wells Fargo?

The OCP aims to ensure fair and transparent products and services while incorporating customer feedback into the company's operations.

When was the Office of Consumer Practices launched by Wells Fargo?

Wells Fargo announced the launch of the Office of Consumer Practices on January 12, 2021.

How does Wells Fargo plan to engage with customers through the OCP?

The OCP will assess consumer-related products, analyze complaint data, and advise policies affecting customer interactions.