Wells Fargo Issues Statement on OCC Enforcement Action, Expiration of CFPB Consent Order
September 09 2021 - 4:35PM
Business Wire
Developments represent both progress and work left to do on
complex, longstanding issues
Wells Fargo today confirmed two developments related to its risk
management and regulatory work.
Today, the Office of the Comptroller of the Currency (OCC)
issued an enforcement action against the company related to loss
mitigation practices in the bank’s Home Lending business, as well
as a civil monetary penalty related to those loss mitigation
practices and insufficient progress in addressing requirements
under the OCC’s April 2018 Compliance Risk Management and Customer
Remediation consent order.
“Building an appropriate risk and control infrastructure has
been and remains Wells Fargo’s top priority,” said Charlie Scharf,
Wells Fargo’s CEO. “The OCC’s actions today point to work we must
continue to do to address significant, longstanding
deficiencies.”
Scharf continued: “As I’ve said over the past year, our work to
build the right foundation for a company of our size and complexity
will not follow a straight line. We are managing multiple issues
concurrently, and progress will come alongside setbacks. That said,
we believe we’re making significant progress, the work required is
clear, and I remain confident in our ability to complete it.”
The company reported that, effective at the end of the day
yesterday, the Consumer Financial Protection Bureau (CFPB) consent
order issued in September 2016 regarding the bank’s retail sales
practices had expired.
“The expiration of the CFPB’s 2016 consent order is
representative of progress we are making,” Scharf said. “We have
done substantial work designed to ensure that the conduct at the
core of the consent order – which was reprehensible and wholly
inconsistent with the values on which this company was built – will
not recur.”
Scharf continued: “The focus of the transformation we’ve
undertaken is to build a stronger, better company – one that serves
customers at the highest standards. Sometimes – as is the case
today – we will reach a positive milestone on one set of issues and
be reminded that we need to redouble our focus on another. That
will not stop us from getting to where everyone expects us to be,
and where we expect ourselves to be.”
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.
News Release Category: WF-CF
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version on businesswire.com: https://www.businesswire.com/news/home/20210909006105/en/
Media Beth Richek, 704-374-2545
beth.richek@wellsfargo.com
Investor Relations John Campbell, 415-396-0523
john.m.campbell@wellsfargo.com
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