Enforcement alert! The OCC has just fined Wells Fargo $250M because of its failure to comply with a 2018 consent order. You may recall that the 2018 order cited deficiencies in Wells Fargo's risk management program. As part of the 2018 order, the OCC fined Wells Fargo a whopping $500M.
Under the OCC's new cease-and-desist order Wells Fargo is required to:
- establish a compliance committee composed of independent directors to oversee compliance with provisions of the 2018 consent order;
- establish a loss mitigation independent risk management program "designed to ensure that the bank has effective and independent monitoring and testing of its loss mitigation program"; and
- adopt an internal audit program.
You can read more about the OCC's latest action here:
https://www.occ.treas.gov/news-issuances/news-releases/2021/nr-occ-2021-95.html