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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