Wells Fargo confirms termination of two Federal Reserve consent orders

Wells Fargo (WFC) confirmed that the Federal Reserve Board of Governors terminated two consent orders: a 2011 consent order regarding the company’s legacy mortgage servicing activities and a 2011 consent order regarding its legacy Wells Fargo Financial business. Wells Fargo’s regulators have now closed nine consent orders since 2019. Charlie Scharf, CEO, said, “I am happy to confirm that the Federal Reserve has terminated two longstanding consent orders. Coupled with last week’s announcement that the CFPB’s 2022 consent order terminated, today’s news is another important sign that we continue to make clear, meaningful progress to resolve our historical matters. Wells Fargo is a different company today, and the resolution of these two longstanding Federal Reserve consent orders is another indication that our team is establishing the right processes and controls to meet our regulators’ and our own expectations. We remain confident in our ability to complete the work required in our remaining consent orders, and I am thankful to all my partners at Wells Fargo for their hard work and perseverance to put these issues behind us.”