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OCC Assesses $500 Million Penalty Against Wells Fargo, requests Restitution for Unsafe or Unsound methods

Friday, December 11th, 2020

OCC Assesses $500 Million Penalty Against Wells Fargo, requests Restitution for Unsafe or Unsound methods

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WASHINGTON—The workplace of this Comptroller for the Currency (OCC) today evaluated a $500 million civil cash penalty against Wells Fargo Bank, N.A., and ordered the bank to create restitution to clients harmed by its unsafe or unsound methods, and develop and implement a highly effective compliance risk management program that is enterprise-wide.

The OCC’s action ended up being closely coordinated with an action because of the Bureau of customer Financial Protection making feasible through the collaborative approach taken by the bureau. Separately, the bureau evaluated a $1 billion penalty up against the bank and credited the total phone number for https://onlinepaydayloansohio.org/ amount collected by the OCC toward the satisfaction of their fine.

The OCC took these actions offered the extent of this inadequacies and violations of legislation, the monetary injury to customers, additionally the bank’s failure to fix the inadequacies and violations in a prompt way. The OCC discovered too little the lender’s enterprise-wide conformity danger management system that constituted reckless, unsafe, or unsound methods and lead to violations associated with the unjust techniques prong of Section 5 associated with Federal Trade Commission (FTC) Act. (more…)