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OCC Assesses $500 Million Penalty Against Wells Fargo, requests Restitution for Unsafe or Unsound methods

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

The OCC’s action ended up being closely coordinated with an action by the Bureau of customer Financial Protection making feasible through the approach that is collaborative by the bureau. Individually, the bureau assessed a $1 billion penalty contrary to the bank and credited the total amount collected because of the OCC toward the satisfaction of its fine.

The OCC took these actions offered the extent for the inadequacies and violations of legislation, the monetary problems for customers, and also the bank’s failure to improve the deficiencies and violations in a prompt way.