Strategic Insights into Banking & Fintech

OCC releases Wells Fargo from 2015 enforcement action

Wells Fargo in San Francisco has been freed from another enforcement action.

The $1.9 trillion-asset company said that the Office of the Comptroller of the Currency terminated a 2015 agreement tied to previously held financial subsidiaries that were out of compliance with the Gramm-Leach-Bliley Act.

Seven orders have been lifted this year, and 13 since 2019.

Wells has one consent order remaining, though it is with the Federal Reserve and includes an asset cap.

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