The Office of the Comptroller of the Currency terminated its 2018 consent order against Wells Fargo, the bank announced on 13 February 2025, confirming the closure of an enforcement action that had targeted deficiencies in the bank's compliance risk management programme. The termination is the tenth consent order Wells Fargo has had lifted since 2019.
The 2018 OCC order was one of several enforcement actions imposed on Wells Fargo following a series of widely publicised consumer protection failures that drew scrutiny from Congress and regulators across the federal system.
FOUR ORDERS FROM THREE REGULATORS REMAIN
Despite the latest closure, Wells Fargo retains four outstanding consent orders imposed by three separate regulators. One order remains in place from the Federal Reserve, one from the Consumer Financial Protection Bureau, and two from the OCC itself.
The Federal Reserve's order includes an asset cap that restricts the size of Wells Fargo's balance sheet.
Wells Fargo confirmed the closure through its newsroom, with CEO Charlie Scharf saying the bank was pleased the OCC had validated the work required under the 2018 compliance consent order.
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