The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

Wells Fargo released from 2022 consent order with CFPB

Wells Fargo in San Francisco continues to put its past in the rearview mirror.

The $1.9 trillion-asset company said in a press release that it has been released from a 2022 consent order with the Consumer Financial Protection Bureau. The order was tied to automobile lending, consumer deposit accounts, and mortgage lending.

Wells said this is the seventh consent order closed by its regulators since 2019.

“Apparently – and thankfully – Wells has now completed the required actions” of the CFPB order, Scott Siefers, an analyst at Piper Sandler, wrote in a client note. “We view today’s news as another important step forward on WFC’s journey toward full regulatory remediation and a sign that WFC continues its transition from defense to offense.”

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