Salem Radio Network News Saturday, May 21, 2022

Business

U.S. regulator terminates consent order with Wells Fargo from 2015

NEW YORK (Reuters) -Wells Fargo & Co on Thursday said the Office of the Comptroller of the Currency (OCC) had terminated a 2015 consent order related to add-on products the bank sold customers before that year after the bank took steps to address the problems.

The end of the consent order is a positive sign for the fourth-largest U.S. bank, which has been in regulators’ penalty box and paid billions in fines and restitution since September 2016 when a sales scandal came to light.

Wells remains under a $1.95 trillion asset cap that the Federal Reserve imposed, as well as around a dozen consent orders with regulators.

This consent order https://www.occ.gov/static/enforcement-actions/ea2015-048.pdf, which was put in place prior to the emergence of the sale scandal, related to billing and marketing practices the bank employed when it sold various identity theft protection and debt cancellation products.

Wells Fargo is still working on a separate 2018 sweeping OCC consent order related to the mis-selling of mortgage and auto-insurance products, which imposes a number of constraints on the bank’s business.

(Reporting by Elizabeth Dilts Marshall; editing by Jonathan Oatis)

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