Consumer watchdog lifts Well Fargo consent order in regulatory relief for lender

Reuters

Mon, Apr 28, 2025, 5:07 AM 1 min read

(Reuters) -The Consumer Financial Protection Bureau (CFPB) has lifted a 2018 consent bid related to Wells Fargo's compliance hazard management, the slope said connected Monday, signaling advancement successful resolving the lender's outstanding regulatory issues.

This was the sixth consent bid for the slope that regulators person closed successful 2025, Wells said.

"Today's termination, on with the caller closure of different consent orders, demonstrates that we person completed overmuch of our communal hazard and power infrastructure work," Wells CEO Charlie Scharf said.

In 2018, the slope entered into consent orders, oregon enforcement actions involving a good oregon circumstantial directive to code an issue, with the CFPB and the Office of the Comptroller of the Currency (OCC) to code issues successful its compliance hazard absorption program.

OCC terminated its consent bid successful February.

Wells Fargo's regulatory issues came nether the spotlight aft a fake accounts ungraded that erupted successful 2016. Fixing those problems has been the apical precedence for the slope nether Scharf, who became the CEO successful 2019.

(Reporting by Niket Nishant successful Bengaluru; Editing by Shounak Dasgupta)