SAN FRANCISCO (dpa-AFX) - Wells Fargo & Co. (WFC) confirmed Monday that the Office of the Comptroller of the Currency or OCC terminated its 2021 consent order related to loss mitigation practices in the company's Home Lending business. This is the eleventh consent order closed by Wells Fargo's regulators since 2019.
Charlie Scharf, Wells Fargo's CEO, said, 'We are pleased that the OCC has again validated our work and terminated this consent order in just three and a half years. This timeframe is much improved from other historical orders, including two 2011 Federal Reserve orders which were terminated earlier this year. This is our fifth closed consent order since the beginning of 2025. We remain confident that we will complete the work required in our remaining consent orders.'
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