$1 Billion Wells Settlement Finalized
In December, President
Trump was referring to regulatory actions to be taken against the
In its first-quarter earnings report released last week, Wells disclosed that it has received a
On Friday, Wells disclosed that it agreed to consent orders with the
"Under the consent orders, Wells Fargo will also be required to submit, for review by its board, plans detailing its ongoing efforts to strengthen its compliance and risk management, and its approach to customer remediation efforts," the company said.
The
Wells violated the Consumer Financial Protection Act, according to the bureau.
The orders require Wells to remediate harmed consumers and undertake activities related to risk management and compliance management.
"I am especially pleased that we were able to work closely and effectively with our colleagues at the OCC, and I appreciate the key role they played in the negotiations," Acting CFPB Director
A news release from the OCC said Wells violated the Federal Trade Commission Act.
The actions were taken by the OCC because of the severity of the deficiencies and violations of law. Also behind the actions were the financial harm to consumers and Wells' failure to correct the deficiencies and violations in a timely manner.
In addition to the scope and duration of the bad practices, the size of the OCC's penalty reflects factors including Wells' failure to develop and implement an effective enterprise risk management program to detect and prevent the unsafe and unsound practices.
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