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OCC Assesses $500 Million Penalty Against Wells Fargo, instructions Restitution for Unsafe or Unsound techniques

OCC Assesses $500 Million Penalty Against Wells Fargo, instructions Restitution for Unsafe or Unsound techniques

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

The OCC’s action ended up being closely coordinated having an action because of the Bureau of customer Financial Protection making possible through the collaborative approach taken because of the bureau. Individually, the bureau evaluated a $1 billion penalty up against the bank and credited the quantity gathered by the OCC toward the satisfaction of their fine.

The OCC took these actions because of the extent associated with the deficiencies and violations of law, the monetary injury to customers, additionally the bank’s failure to fix the deficiencies and violations in a manner that is timely. Continue reading