Wells Fargo Consent Order Terminated by OCC

The bank's stock rises as regulatory scrutiny eases, though challenges remain with ongoing Federal Reserve restrictions.

The Office of the Comptroller of the Currency (OCC) has terminated a consent order against Wells Fargo, initially placed in 2016 due to sales practices misconduct.
Wells Fargo's stock surged following the termination of the consent order, reflecting investor confidence in the bank's progress.
CEO Charlie Scharf emphasized the termination as evidence of Wells Fargo's commitment to implementing a robust risk and control framework.
Despite the termination of the OCC consent order, Wells Fargo continues to operate under an asset cap imposed by the Federal Reserve.
Wells Fargo has successfully closed six consent orders since 2019, but still faces eight remaining orders governing its operations.