Wells Fargo fined USD 250 mln

Monday 13 September 2021 13:03 CET | News

The Office of the Comptroller of the Currency (OCC) has fined Wells Fargo with USD 250 million because of the issues related to stemming from the bank's mortgage loss modification practices. 

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. 

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Keywords: regulation, banks, risk management
Categories: Banking & Fintech | Payments General
Countries: United States
This article is part of category

Banking & Fintech