Wells Fargo Confirms Termination of Two Longstanding Federal Reserve Consent Orders

SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: WFC) today confirmed that the Federal Reserve Board of Governors terminated two longstanding consent orders: a 2011 consent order regarding the company’s legacy mortgage servicing activities and a 2011 consent order regarding its legacy Wells Fargo Financial business. Wells Fargo’s regulators have now closed nine consent orders since 2019.

Charlie Scharf, Wells Fargo’s CEO since 2019, said of today’s news:

“I am happy to confirm that the Federal Reserve has terminated two longstanding consent orders. Coupled with last week’s announcement that the CFPB’s 2022 consent order terminated, today’s news is another important sign that we continue to make clear, meaningful progress to resolve our historical matters. Wells Fargo is a different company today, and the resolution of these two longstanding Federal Reserve consent orders is another indication that our team is establishing the right processes and controls to meet our regulators’ and our own expectations. We remain confident in our ability to complete the work required in our remaining consent orders, and I am thankful to all my partners at Wells Fargo for their hard work and perseverance to put these issues behind us.”

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. 34 on Fortune’s 2024 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.

Cautionary Statement About Forward-Looking Statements

This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.

News Release Category: WF-CF