Wells Fargo in San Francisco has been freed from another enforcement action.
The $1.9 trillion-asset company said in a press release that the Office of the Comptroller of the Currency terminated a 2021 consent order tied to loss mitigation practices in the home lending business.
It is the 11th consent order closed by Wells Fargo’s regulators since 2019 and one of five to be lifted this year.
“We are pleased that the OCC has again validated our work and terminated this consent order in just three and a half years,” Charlie Scharf, Wells Fargo’s CEO, said in the release. “This timeframe is much improved from other historical orders, including two 2011 Federal Reserve orders which were terminated earlier this year.”