Wells Fargo Consent Order for Fake Accounts Ended by the OCC (1)

Wells Fargo & Co. said the Office of the Comptroller of the Currency terminated a 2016 consent order tied to a fake-accounts scandal that plunged the bank into years of regulatory and management turmoil.

The order required Wells Fargo to revamp how it offers and sells products and services to consumers and take other steps to protect its customers and employees. The OCC said in its termination that the bank’s compliance with laws and regulations means the order no longer needs to be in place.

CEO Charlie Scharf

Photographer: Al Drago/Bloomberg

“I have repeatedly said that implementing a risk and control framework appropriate for a ...