Wells Fargo & Co.
Wells Fargo Announces OCC Compliance Consent Order Termination
Summary
On February 13, 2025, Wells Fargo & Company announced that the Office of the Comptroller of the Currency (OCC) has terminated its 2018 compliance consent order related to the company's compliance risk management program. This marks the tenth consent order closed by the company's regulators since 2019. The termination follows significant efforts by the company to transform its compliance program, as stated by CEO Charlie Scharf. Wells Fargo remains focused on completing the work required in its remaining consent orders and continuing to build one of the most respected financial institutions in the country.
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About Wells Fargo & Co.
Wells Fargo & Co. is a diversified financial services company providing a wide array of banking, investment, mortgage, and consumer and commercial finance services. Operating predominantly in the United States, Wells Fargo plays a crucial role in the financial market by offering retail and commercial banking, which includes savings accounts, credit and loans, and payment solutions. Known for its strong retail banking presence, Wells Fargo also extends its reach through wealth and investment management services, enabling clients to gain tailored financial advice and asset management. Beyond core banking operations, Wells Fargo’s influence spans several sectors, notably real estate and consumer finance, contributing significantly to economic development and customer liquidity accessibility. The bank's commitment to providing financial education and resources aims to empower communities and foster economic resilience. As a major player in the financial industry, Wells Fargo maintains a key position in both national and global banking landscapes, facilitating critical financial transactions and services that support a wide range of client needs.
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