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In a new order dated January 30, the Office of the Comptroller of the Currency said it believes “the safety and soundness of the currency is ensured.” [Wells Fargo] and compliance with the law” allowed the 2016 order to be rescinded.
Wells Fargo CEO Charles Scharf said the OCC’s decision reflects the bank’s focus on risk management in recent years.
“It is our top priority to implement a risk and control framework that is appropriate for a bank of our size and complexity, and the completion of the consent order is an important sign of our progress,” Scharf said in a statement. Stated. The company’s risk and management efforts “remain our top priority,” he added.
The 2016 consent order was issued after the bank admitted to firing thousands of employees over five years for opening millions of fake accounts to earn bonuses and keep their jobs. Customers were unfairly charged for products such as overdraft fees and unnecessary car insurance.
This is the sixth consent order the regulator has terminated since 2019, Schaaf said. The company still faces eight other consent orders, including one that would prevent it from growing through mergers and acquisitions, according to CNBC.
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