Wells Fargo's 2018 Compliance Consent Order Terminated By OCC

(RTTNews) - Wells Fargo & Company (WFC) confirmed that the Office of the Comptroller of the Currency or OCC terminated its 2018 consent order related to the company's compliance risk management program. This is the tenth consent order closed by Wells Fargo's regulators since 2019.

Charlie Scharf, Wells Fargo's CEO, expressed satisfaction with the OCC's validation of the work required in the 2018 compliance consent order and the termination of the enforcement action. The termination of three other consent orders in the last three weeks, along with the OCC's termination of the 2016 sales practices consent order last year, marks a significant accomplishment for the many thousands of people at Wells Fargo who have worked tirelessly to transform the company.