A mountainous region in Italy is offering €100,000 to move there. But there’s a catch
Supreme Court backs extra prison time for ‘Fat Sal’ in murder-for-hire plot
Musk group offers $100 to Wisconsin voters ahead of pivotal state Supreme Court election
Trump administration debates invoking 'state secrets privilege' around deportation flights
Fewer than 1% of March Madness brackets remain perfect after first day of games
Helper bots in online communities diminish human interaction
Cuts to research into inequality, disparities and other DEIA topics harm science
Dolly Parton says her late husband ‘suffered a great deal’ and she’s ‘at peace that he’s at peace’
Best friends Ben McCollum of Drake, Grant McCasland of Texas Tech square off for spot in Sweet 16
(Reuters) -A top U.S. banking regulator terminated a 2021 consent order against Wells Fargo for deficiencies in its home lending loss mitigation practices, the Wall Street giant said on Monday, bringing it closer to ending near-decade-old regulatory woes.
The move marks the fifth closed consent order - an enforcement action involving a fine or specific directive to address an issue - since the beginning of 2025, CEO Charlie Scharf said in a statement.
The U.S. Office of the Comptroller of the Currency (OCC) in 2021 levied a $250 million fine related to the bank's home lending loss mitigation program and for failing to meet the requirements of a 2018 consent order.
Wells Fargo's compliance issues came under the spotlight after a fake accounts scandal that erupted in 2016.
Fixing compliance problems has been the top priority for Wells Fargo under Scharf's leadership, who became the bank's CEO in 2019, leading to the closure of 11 consent orders since then.
The bank still has three open consent orders and is operating under a $1.95 trillion asset cap imposed by the Federal Reserve in 2018, preventing it from growing until regulators deem the issue has been fixed.
Wells Fargo shares were up 0.2% in extended trading.
SWIFTER RESOLUTION
Wells Fargo has seen numerous regulators move to lift enforcement actions in recent months. In January, the Consumer Financial Protection Bureau closed a 2022 order over alleged mishandling of auto loans and mortgages.
In February, the Federal Reserve ended two regulatory punishments imposed on Wells Fargo in 2011. Last month, the OCC also terminated a 2018 order on the bank's compliance risk management program.
"Another sign that Wells Fargo continues its transition from defense to offense, and it will likely reinforce investors’ belief that the asset cap could be lifted sooner rather than later," Piper Sandler analysts said.
"We remain confident that we will complete the work required in our remaining consent orders," Scharf said.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Vijay Kishore)
