Wells Fargo receives $250 million penalty from OCC

The Office of the Comptroller of the Currency (OCC) has assessed Wells Fargo with a civil money penalty and issued a cease-and-desist order based on violations of a 2018 compliance consent order and the bank’s failure to establish an effective home lending loss mitigation program.

“Wells Fargo has not met the requirements of the OCC’s 2018 action against the bank. This is unacceptable,” acting Comptroller of the Currency Michael Hsu said.

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