The
bank
made
the
announcement
on
Monday,
saying
it
was
the
“eleventh
consent
order
closed
by
Wells
Fargo’s
regulators
since
2019.”

Wells
Fargo
CEO
Charlie
Scharf
shared
the
company’s
reaction
to
the
news,
saying
the
bank
is
“pleased”
and
that
the
action
is
a
validation
of
the
company’s
work.

“This
timeframe
is
much
improved
from
other
historical
orders,
including
two
2011


Federal
Reserve
orders
which
were
terminated
earlier
this
year,”
Scharf
said
in
a

statement.
“This
is
our
fifth
closed
consent
order
since
the
beginning
of
2025.
We
remain
confident
that
we
will
complete
the
work
required
in
our
remaining
consent
orders.”

In
the
original
2021
order,
handed
down
early
in
the
Biden
administration,
OCC
said
Wells
Fargo
charged
customers
mortgage
interest
rate
lock
extension
fees
despite
failures
of
certain
loans
to
proceed
to
closing.
Additionally,
the
order
accused
the
bank’s
auto-lending
unit
of
improperly
maintaining
insurance
policies
on
auto
loan
accounts.

At
the
time,
Scharf
said
that
building
out
the
company’s
functions
considering
its
size
and
complexity
would
“not
follow
a
straight
line.”

“We
are
managing
multiple
issues
concurrently,
and
progress
will
come
alongside
setbacks,”
Scharf
said
in
2021.
“That
said,
we
believe
we’re
making
significant
progress,
the
work
required
is
clear,
and
I
remain
confident
in
our
ability
to
complete
it.”

The
bank
also
saw
a
2022
consent
order
from
the


Consumer
Financial
Protection
Bureau
(CFPB)
lifted

in
late
January,
just
days
before
former
director
Rohit
Chopra
was

fired
by
the
president.