OCC Lifts Wells Fargo Add-On Product Consent Order
By Al Barbarino (January 20, 2022, 6:20 PM EST) -- Wells Fargo said on Thursday that the Office of the Comptroller of the Currency has terminated a June 2015 consent order imposed on the bank for allegedly selling add-on identity theft and debt cancellation products to customers who never received them.
The bank called the development another step forward in resolving a number of legacy regulatory issues following the OCC's early 2021 dismissal of another 2015 consent order related to the company's anti-money laundering compliance program.
"Wells Fargo's top priority is building a risk and control infrastructure appropriate for its size and complexity," according to the bank's announcement on Thursday.
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