Latest news with #OfficeOfTheComptroller
Bloomberg
29-05-2025
- Business
- Bloomberg
Wells Fargo Nears End of Scandal Era With Just Fed Cap Remaining
Wells Fargo & Co. resolved another regulatory punishment, the seventh this year, as the Office of the Comptroller of the Currency terminated its 2015 agreements relating to the company's previously held financial subsidiaries. The development represents the 13th consent order closed by banking regulators since 2019, the firm said in a statement Thursday.
Reuters
29-05-2025
- Business
- Reuters
Wells Fargo says US OCC terminated 2015 consent order
May 29 (Reuters) - Wells Fargo (WFC.N), opens new tab said on Thursday that the U.S. Office of the Comptroller of the Currency had terminated a 2015 consent order against the lender. This marks the thirteenth consent order closed by Wells Fargo's regulators since 2019 and the seventh since the beginning of the year, the Wall Street giant said. Consent orders are enforcement actions involving a fine or specific directive to address an issue. Wells Fargo's regulatory issues came under the spotlight after a fake accounts scandal erupted in 2016, leading to intense scrutiny and billions of dollars in fines. Since 2018, the bank has also operated under a U.S. Federal Reserve-imposed asset cap, one of the most severe penalties available to regulators, which bars it from growing its balance sheet beyond $1.95 trillion until its problems are fixed.
