The orders, levied on the $1.9 trillion-asset company in 2011, involved past mortgage servicing activities and the legacy Wells Fargo Financial business.
One order address claimed that Wells and nine other institutions had engaged in a pattern of misconduct and negligence tied to their residential mortgage loan servicing and foreclosure processing businesses. The other order alleged that the company had “steered potential prime borrowers into more costly subprime loans and separately falsified income information in mortgage applications.”
The Fed’s decision comes a week after the Consumer Financial Protection Bureau terminated a 2022 consent order tied to Wells’ automobile and mortgage lending and how it handled consumer deposit accounts.