(Reuters) - Wells Fargo ( WFC ) said on Tuesday its 2022 consent order with the Consumer Financial Protection Bureau related to automobile lending, consumer deposit accounts and mortgage lending has been terminated.
This marks the seventh consent order closed by Wells Fargo's ( WFC ) regulators since 2019, the U.S. banking giant said.
Wells Fargo's ( WFC ) compliance issues came under the spotlight after a scandal over its sales practices came to light in 2016. Regulators mandated additional oversight of the lender in the wake of the turmoil.
A consent order is a formal, public enforcement action between a regulator and a bank, which often comes with a fine and directives to address an issue in a timely fashion.