Wells Fargo to Pay $250 Million as OCC Warns of Ongoing Missteps
(Bloomberg) — Wells Fargo & Co. will pay a $250 million fine after the Office of the Comptroller of the Currency said it had deficiencies tied to its home-lending loss mitigation program and was failing to adhere to a 2018 consent order that dealt with past missteps.
In addition to the penalty, Hsu said the OCC is putting limits on the bank’s future activities until it fixes problems tied to its mortgage servicing business.
Scandals have plagued Wells Fargo since 2016, when regulators accused it of opening millions of bogus bank accounts without customers’ consent. Chief Executive Officer Charlie Scharf has called satisfying U.S. authorities demands his highest priority.