(Reuters) -The Consumer Financial Protection Bureau (CFPB) has lifted a 2018 consent order related to Wells Fargo’s compliance risk management, the bank said on Monday, signaling progress in resolving the lender’s outstanding regulatory issues.
This was the sixth consent order for the bank that regulators have closed in 2025, Wells said.
“Today’s termination, along with the recent closure of other consent orders, demonstrates that we have completed much of our common risk and control infrastructure work,” Wells CEO Charlie Scharf said.
In 2018, the bank entered into consent orders, or enforcement actions involving a fine or specific directive to address an issue, with the CFPB and the Office of the Comptroller of the Currency (OCC) to address issues in its compliance risk management program.
OCC terminated its consent order in February.
Wells Fargo’s regulatory issues came under the spotlight after a fake accounts scandal that erupted in 2016. Fixing those problems has been the top priority for the bank under Scharf, who became the CEO in 2019.
(Reporting by Niket Nishant in Bengaluru; Editing by Shounak Dasgupta)
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