Authorization

Wells Fargo was fined $250 million by federal regulators, while it says a separate 2016 CFPB consent order has expired

Wells Fargo was fined $250 million by federal regulators, while it says a separate 2016 CFPB consent order has expired

Wells Fargo CEO Charlie Scharf testifies before a House Financial Services Committee on Capitol Hill in Washington, U.S.
Reuters




Wells Fargo was hit with a $250 million fine levied by the OCC related to its mortgage business.




The bank said that a separate 2016 consent order over sales practices has now expired.




Wells Fargo CEO Charlie Scharf has been on a mission to reshape the bank since joining in 2019.




See more stories on Insider's business page.


Even as Wells Fargo announced the expiration of a 2016 consent order levied by federal regulators in the wake of a fraudulent account scandal, it now faces a new $250 million fine related to issues stemming from the bank's mortgage loss modification practices. The Office of the Comptroller of the Currency said that the civil money penalty, and a related cease-and-desist order, have been brought against the bank for "unsafe or unsound practices" related to its mortgage servicing business and for failing to address compliance and risk issues raised in a 2018 OCC consent order."Wells Fargo has not met the requirements of the OCC's 2018 action against the bank. This is unacceptable," Michael J. Hsu, acting comptroller of the currency, said in a statement Thursday accompanying the announcement."In addition to the $250 million civil money penalty that we are assessing against Wells Fargo, today's action puts limits on the bank's future activities until existing problems in mortgage servicing are adequately addressed," he continued.
See also:
Leave a comment
News
  • Latest
  • Read
  • Commented
Calendar Content
«    Сентябрь 2021    »
ПнВтСрЧтПтСбВс
 12345
6789101112
13141516171819
20212223242526
27282930