Wells Fargo Resolves Two Longstanding Federal Reserve Enforcement Actions

The termination of 2011 consent orders marks progress in addressing regulatory issues, though the 2018 asset cap remains in place.

The Federal Reserve has lifted two enforcement actions from 2011 related to Wells Fargo's mortgage servicing and lending practices.
These actions addressed deficiencies in foreclosure processing and income falsification at a former subsidiary, Wells Fargo Financial.
The bank's 2018 asset cap of $1.9 trillion, imposed after its phony-accounts scandal, remains unaffected by this development.
CEO Charlie Scharf stated the resolution reflects meaningful progress in meeting regulatory expectations and internal reforms.
Wells Fargo has resolved nine consent orders since 2019, with five still outstanding, as analysts speculate the asset cap could be lifted later in 2025.