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Wells Fargo says US OCC terminated 2015 consent order
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Wells Fargo says US OCC terminated 2015 consent order
May 29, 2025 11:52 AM

(Reuters) -Wells Fargo ( WFC ) said on Thursday that the U.S. Office of the Comptroller of the Currency had terminated a 2015 consent order against the lender.

This marks the thirteenth consent order closed by Wells Fargo's ( WFC ) regulators since 2019 and the seventh since the beginning of the year, the Wall Street giant said.

Consent orders are enforcement actions involving a fine or specific directive to address an issue.

Wells Fargo's ( WFC ) regulatory issues came under the spotlight after a fake accounts scandal erupted in 2016, leading to intense scrutiny and billions of dollars in fines.

Since 2018, the bank has also operated under a U.S. Federal Reserve-imposed asset cap, one of the most severe penalties available to regulators, which bars it from growing its balance sheet beyond $1.95 trillion until its problems are fixed.

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