The Office of the Comptroller of the Currency (OCC) has terminated the consent order it issued to Wells Fargo in 2021 relating to deficiencies in loss mitigation practices within the bank's Home Lending business, the institution confirmed on 17 March 2025. The closure marks the 11th consent order resolved since 2019 and the fifth terminated since the start of 2025.
Wells Fargo chief executive Charlie Scharf expressed confidence in the bank's ability to complete the work required under the consent orders that remain open. The 2021 OCC order had focused specifically on Wells Fargo's handling of mortgage customers in financial distress.
CONSENT ORDER BACKGROUND
Scharf became Wells Fargo's chief executive in 2019.
Loss mitigation — the processes by which a lender works with distressed borrowers to modify loans, arrange forbearance, or pursue alternatives to foreclosure — was the focus of the OCC's 2021 order. The OCC's 2021 order required Wells Fargo to address identified gaps in how it administered those programmes and ensured that customers experiencing financial hardship received appropriate and timely support from the bank.
REMAINING CONSENT ORDERS
Wells Fargo continues to operate under additional consent orders. The Federal Reserve's asset cap, which restricts the bank's balance sheet growth, has been in place since 2018. That cap falls outside the OCC's jurisdiction.
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