In September, Wells Fargo confirmed the expiry of a 2016 Consumer Financial Protection Bureau consent order over its fake-account sales practices. That followed the termination in January of a consent order from the Office of the Comptroller of the Currency in January 2021, concerning its anti-money laundering compliance programme.
The good news was short lived, however. The lifting of the CFPB order merely served to mitigate a separate $250 million OCC fine, announced the very next day. In this latest penalty, the OCC pointed to failures in Wells’ home-lending loss-mitigation programme and violations of a separate 2018 OCC consent order on Wells’ compliance risks.
Meanwhile, later in September, the bank agreed to pay $72.6 million to settle a New York fraud suit brought by the federal government. As part of that settlement, Wells admitted to overcharging hundreds of commercial customers for foreign exchange between 2010 and 2017.
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All this has weighed somewhat on hopes for an imminent lifting of the most important consent order, from the Federal Reserve.