Wells Fargo freed from 2018 CFPB order tied to risk management

The Consumer Financial Protection Bureau terminated a 2018 consent order against Wells Fargo, leaving two enforcement actions against the San Francisco company unresolved, including the Federal Reserve’s asset cap.

Six orders against the bank have been resolved this year. The CFPB order was tied to the company’s compliance risk management program.

The CFPB “termination, along with the recent closure of other consent orders, demonstrates that we have completed much of our common risk and control infrastructure work, including work that is required by other orders,” Wells CEO Charlie Scharf said in a press release.

“I am proud of the work done by our teams and remain confident that we will complete the work needed to close our other open consent orders,” Scharf added. “Wells Fargo is a different and stronger company today as we focus on creating long-term value for our customers, clients, communities and shareholders.”