Podcast Center
Video Center
Webcasts
Resource Center
Events
February 16, 2024 at 09:27 AM
Wells Fargo & Co. said the Office of the Comptroller of the Currency terminated a 2016 consent order tied to a fake-accounts scandal that plunged the bank into years of regulatory and management turmoil.
The order required Wells Fargo to revamp how it offers and sells products and services to consumers and take other steps to protect its customers and employees.
The OCC said in its termination that the bank’s compliance with laws and regulations means the order no longer needs to be in place.
“I have repeatedly said that implementing a risk and control framework appropriate for a bank of our size and complexity is our top priority, and closing consent orders is an important sign of our progress,” Chief Executive Officer Charlie Scharf said in a statement Thursday. “This is the sixth consent order that our regulators have terminated since 2019.”
Shares of the company climbed 5.4% to $51.14 at 12:07 p.m. on Thursday in New York.
The consent order was imposed in response to revelations that the San Francisco-based bank was creating accounts for customers without their permission.
A series of scandals followed that also resulted in a cap on growth from the Federal Reserve. Wells Fargo executives expect that restriction to stay in place into next year.
