Wells Fargo & Co.
Wells Fargo Announces Termination of 2021 OCC Consent Order on Home Lending Loss Mitigation
Summary
On March 17, 2025, Wells Fargo & Company announced the termination of its 2021 consent order with the Office of the Comptroller of the Currency (OCC) concerning loss mitigation practices in its Home Lending business. This marks the eleventh such order closed by Wells Fargo's regulators since 2019, reflecting the company's progress in addressing regulatory concerns. CEO Charlie Scharf highlighted the improved compliance timeline, expressing confidence in completing the work required for remaining consent orders.
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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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