Investing.com - Financial Markets Worldwide

Wells Fargo's 2022 consent order with CFPB ends

Published 28/01/2025, 14:38
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Investing.com -- Wells Fargo announced on Tuesday that its 2022 consent order with the Consumer Financial Protection Bureau (CFPB) has been terminated. The consent order was related to the bank's practices in automobile lending, consumer deposit accounts, and mortgage lending.

This termination marks the seventh consent order that has been closed by Wells Fargo's regulators since 2019, according to the U.S. banking giant. A consent order is a formal, public enforcement action between a regulator and a bank, often accompanied by a fine and directives to address an issue promptly.

Wells Fargo's compliance issues were thrust into the spotlight following a scandal over its sales practices that emerged in 2016. In the aftermath of the upheaval, regulators imposed additional oversight on the lender.

Wells Fargo & Company (NYSE: NYSE:WFC) announced the termination of the consent order today.

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