The OCC said that the civil money penalty, and a related cease-and-desist order, have been brought against the bank for ‘unsafe or unsound practices’ related to its mortgage servicing business and for failing to address compliance and risk issues raised in a 2018 OCC consent order.
Wells Fargo has acknowledged the OCC's disciplinary action and said that a separate 2016 consent order levied by the Consumer Financial Protection Bureau over Wells Fargo's sales practices had expired.
The bank remains under other restrictions levied by federal regulators, including a 2018 asset cap imposed by the Federal Reserve.
The Paypers is the Netherlands-based leading independent source of news and intelligence for professional in the global payment community.
The Paypers provides a wide range of news and analysis products aimed at keeping the ecommerce, fintech, and payment professionals informed about the latest developments in the industry.
Current themes
No part of this site can be reproduced without explicit permission of The Paypers (v2.7).
Privacy Policy / Cookie Statement
Copyright