Regulatory case
In the Matter of Wells Fargo Bank, N.A.
- Authority
- Consumer Financial Protection Bureau
- Case number
- Not published
- Filed or opened
- 8 September 2016
- Organization
- Wells Fargo & Company
- Current stage
- Consent order with a US$100 million penalty, alongside OCC and Los Angeles actions. The OCC's 2016 sales practices consent order was terminated in 2024, according to Wells FargoS7.
- Outcome
- Resolved by consent.
Decisions and steps
Claims this case bears on
- Supported92The CFPB said in September 2016 that Wells Fargo employees opened roughly 1.5 million deposit accounts and applied for roughly 565,000 credit card accounts that may not have been authorized by consumers.Regulator statement, 8 September 20164 records citedFraud
- Outdated85Wells Fargo said in September 2016 that refunded accounts were a fraction of one percent of the accounts reviewed and that it had disciplined managers and team members who acted counter to its values.Company statement, 8 September 20164 records citedFraud
Sources
- S1Tier A Consumer Financial Protection Bureau Fines Wells Fargo $100 Million for Widespread Illegal Practice of Secretly Opening Unauthorized AccountsConsumer Financial Protection Bureau. Regulator press release. 8 September 2016.Supports the account figures and the three penalties. The US$185 million total is the sum of the three amounts, not a figure on the page.
- S7Tier B Wells Fargo Confirms Termination of 2018 OCC Compliance Consent OrderWells Fargo & Company (Form 8-K exhibit). Company filing. 13 February 2025.Company statement that the OCC ended its 2016 sales practices consent order in 2024 and that ten consent orders have closed since 2019. The OCC termination notice itself was not read.