Wells Fargo & Company
On 8 September 2016 the CFPB, the OCC and the City and County of Los Angeles announced penalties of US$185 million in total over accounts that may not have been authorizedS1. Wells Fargo said it regretted any such instancesS2. On 21 February 2020 the bank agreed to pay US$3 billion to resolve criminal and civil probes, with a deferred prosecution agreementS3 and an SEC antifraud orderS4. On 20 December 2022 the CFPB ordered US$3.7 billion in redress and penalties over auto loans, mortgages and deposit accountsS5. The Federal Reserve lifted the asset cap on 3 June 2025S6.
- Also known as
- Wells Fargo, Wells Fargo Bank, N.A.
- Headquarters
- United States
- Records from
- United States
- Current status
- Operating US bank holding company. On 3 June 2025 the Federal Reserve said Wells Fargo is no longer subject to the asset growth restriction from its 2018 enforcement action, with the other provisions of that action still in effectS6.
Scope. This record covers the sales practices scandal over unauthorized accounts and the related federal resolutions, plus the 2022 CFPB order. It does not cover private class actions, state attorney general settlements or Wells Fargo's mortgage crisis cases.
Claims assessed
3 claims. Scores grade the evidence for each claim, not the organization.- 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
- 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
Cases and proceedings
- 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.
- In the Matter of Wells Fargo Bank, N.A.Consumer Financial Protection Bureau. Regulatory. Not published.Stage: Order requiring over US$2 billion in redress and a US$1.7 billion civil penalty.
- CFPB order announcedS5
Responses on record
- Wells Fargo & Company, 8 September 2016, on Wells Fargo said in September 2016 that refunded accounts were a fraction of one percent o...
Wells Fargo said it regretted and took responsibility for any instances where customers got products they did not want.S2
Revision history
- Profile and 3 assessments first published. Records checked to 25 October 2026.
Source records
- 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.
- 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
- 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.
- S5Tier A CFPB Orders Wells Fargo to Pay $3.7 Billion for Widespread Mismanagement of Auto Loans, Mortgages, and Deposit AccountsConsumer Financial Protection Bureau. Regulator press release. 20 December 2022.Supports the 2022 order and its amounts. It concerns conduct other than the 2016 accounts.
- S2Tier B Wells Fargo Issues Statement on Agreements Related to Sales PracticesWells Fargo & Company. Company statement. Undated on page, issued with the September 2016 agreements.The company's 2016 account of refunds and discipline. The page shows no headline or date in its text, so the title follows the newsroom URL and the date follows the CFPB announcement it refers to as today's news (S1). It is not an admission and was overtaken by later records.
- S6Tier A Federal Reserve announces Wells Fargo is no longer subject to the asset growth restriction from the Board’s 2018 enforcement action against the bankBoard of Governors of the Federal Reserve System. Regulator press release. 3 June 2025.Supports the removal of the asset cap. It says the other 2018 provisions remain until the bank meets the terms for ending them.Link working, checked 25 October 2026