Supported
The cited record supports the material proposition.
The 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.
- Claim made by
- Consumer Financial Protection Bureau, regulator statement
- Published
- 8 September 2016
- Evidence score
- 92 How it was scored
- Last reviewed
- 25 October 2026
Why this label
The CFPB release gives both figures and attributes them to the bank's own analysisS1. It sets penalties of US$100 million to the CFPB, US$35 million to the OCC and US$50 million to the City and County of Los AngelesS1. The CFPB wording is careful. It says the accounts may not have been authorized. Later records went further. The 2020 DOJ release describes millions of accounts or products provided without proper consent and top managers aware of the practices since 2002S3. The SEC found antifraud violationsS4. The claim states what the CFPB said, and the later record is consistent with it.
Current procedural position
CFPB consent order announced on 8 September 2016S1. The parallel OCC sales practices consent order of 2016 was terminated in 2024, according to Wells FargoS7. DPA and SEC order announced on 21 February 2020S3S4.
Record supporting the assessment
roughly 1.5 million deposit accounts that may not have been authorized by consumers
roughly 565,000 credit card accounts that may not have been authorized by consumers
The top managers of the Community Bank were aware of the unlawful and unethical gaming practices as early as 2002
the termination by the OCC of the 2016 sales practices consent order last year
Conflicting or limiting record
No record located that conflicts with this assessment.
Evidence score: 92 of 100
The score grades how well the record establishes this assessment. It is not a score of Wells Fargo & Company. Score = source authority + directness + corroboration + procedural accuracy + currency + reproducibility.
| Component | Points | Max | Reason |
|---|---|---|---|
| Source authorityIs the source competent to establish the proposition? | 28 | 30 | A CFPB release is a competent record of the bureau's findings. |
| DirectnessDoes the source state the proposition or only discuss adjacent facts? | 19 | 20 | The release states both figures. |
| CorroborationDo independent records support the same material point? | 13 | 15 | The 2020 DOJ and SEC records describe the same conduct at larger scale. |
| Procedural accuracyDoes the record settle the procedural state the claim describes? | 13 | 15 | The consent order is final, and the figures were later overtaken by larger estimates. |
| CurrencyHas the record been checked against later developments? | 9 | 10 | Checked against the 2020 resolutions, the OCC termination reported in 2025 and the 2025 Federal Reserve action. |
| ReproducibilityCan a reader locate the passage and repeat the assessment? | 10 | 10 | The release is public on consumerfinance.gov. |
| Total | 92 | 100 |
Timeline
Related cases
- In the Matter of Wells Fargo Bank, N.A.Consumer Financial Protection Bureau. Regulatory. Not published.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.
- United States v. Wells Fargo & Company (DPA) and In the Matter of Wells Fargo & Company (SEC)US Department of Justice and US Securities and Exchange Commission. Criminal. Not published.Stage: Deferred prosecution agreement with a three-year term and SEC cease-and-desist order with a US$500 million penalty.
Revision history
- Assessment first published with label Supported.
Have a record that changes this assessment? See corrections and responses.
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.
- S3Tier A Wells Fargo Agrees to Pay $3 Billion to Resolve Criminal and Civil Investigations into Sales Practices Involving the Opening of Millions of Accounts without Customer AuthorizationUS Department of Justice. Regulator press release. 21 February 2020.Supports the DPA, the US$3 billion total and leadership knowledge since 2002. It is not a conviction.Link working, checked 25 October 2026
- 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.
- S4Tier A Wells Fargo to Pay $500 Million for Misleading Investors About the Success of Its Largest Business UnitUS Securities and Exchange Commission. Regulator press release. 21 February 2020.Supports the SEC antifraud order and penalty. The release contains no admit or deny language.
Other claims about Wells Fargo & Company
- 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
- Supported92The Federal Reserve announced on 3 June 2025 that Wells Fargo is no longer subject to the asset growth restriction imposed in its 2018 enforcement action.Regulator statement, 3 June 20251 record citedCorporate status