Wells Fargo Confirms Termination of 2016 OCC Sales Practices Consent Order

SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo today confirmed that the Office of the Comptroller of the Currency (OCC) terminated a consent order it issued in 2016 regarding sales practices misconduct. The consent order required Wells Fargo to revamp how it offers and sells products and services to consumers and take additional actions to protect its customers and employees.

Charlie Scharf, Wells Fargo’s CEO, who joined the company in 2019, said of today’s news:

“I have repeatedly said that implementing a risk and control framework appropriate for a bank of our size and complexity is our top priority, and closing consent orders is an important sign of our progress. This is the sixth consent order that our regulators have terminated since 2019.

Confirmation from the OCC that we have effectively implemented what was required is a result of the hard work of so many of our employees, and I’d like to thank everyone at Wells Fargo involved for their dedication to transforming how we do business. We are a stronger, better Wells Fargo for our customers and communities, and we will not lose sight of the remaining work to do.

Our risk and control work remains our top priority.”

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets. 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. 47 on Fortune’s 2023 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

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News Release Category: WF-CF