Wells Fargo closes 2015 regulatory agreement

SAN FRANCISCO - Wells Fargo & Company (NYSE: WFC) announced today that it has met the requirements of a 2015 consent order placed by the Office of the Comptroller of the Currency (OCC). This marks the latest regulatory hurdle the bank has overcome, with seven consent orders resolved since the start of the year. The financial institution now aims to focus on the one remaining consent order from 2018 with the Federal Reserve Board.

The 2015 agreements were part of a series of regulatory actions taken to address issues within Wells Fargo’s financial subsidiaries. The closure of this consent order signifies progress in the bank’s efforts to rectify past practices and enhance its compliance and governance standards.

Wells Fargo, a prominent financial services company with approximately $1.9 trillion in assets, operates across various sectors including banking, investment, mortgage products and services, consumer and commercial finance. The company, which ranked No. 34 on Fortune’s 2024 list of America’s largest corporations, has been working to rebuild trust and maintain regulatory standards across its four operating segments.

The bank has been under scrutiny from regulators following a series of scandals, including the creation of millions of unauthorized accounts. Since 2019, Wells Fargo has been actively working to close a total of thirteen consent orders issued by its regulators. The resolution of these orders is part of the bank’s broader strategy to overhaul its operations and ensure adherence to regulatory expectations.

The termination of the OCC’s 2015 consent order is a step forward for Wells Fargo in its long-term recovery plan. With the focus now shifting to the remaining 2018 Federal Reserve Board consent order, the company continues its commitment to compliance and regulatory improvement. InvestingPro analysis indicates the stock is trading near its Fair Value, with additional insights and a comprehensive Pro Research Report available for investors seeking deeper analysis of Wells Fargo’s recovery journey and future prospects.

This update is based on a press release statement from Wells Fargo & Company.

In other recent news, Wells Fargo & Company has announced the termination of its 2015 agreements with the Office of the Comptroller of the Currency (OCC), marking a significant step in resolving its regulatory issues. This development indicates progress in Wells Fargo’s efforts to reform its compliance and governance structures. Meanwhile, some of the largest U.S. banks, including Wells Fargo, are in early discussions about issuing a joint stablecoin to compete with the growing cryptocurrency market. These talks are still in the conceptual phase and involve companies like Early Warning Services and the Clearing House. Additionally, Wells Fargo held its annual shareholders’ meeting, where all 13 director nominees were elected, and the appointment of KPMG LLP as the independent auditor for 2025 was ratified. However, four shareholder proposals, including those on workplace harassment and political spending, did not receive majority support. The company also disclosed a proposed settlement in a shareholder derivative lawsuit concerning its oversight of regulatory compliance, which has been preliminarily approved by a California court. This settlement aims to address allegations related to the bank’s management and oversight practices.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.