The top U.S. consumer watchdog has terminated a 2022 order punishing Wells Fargo for allegedly mishandling auto loans and mortgages, the bank said on Tuesday, bringing it a step closer to having the $1.
Analysts say the termination of a 2022 consent order with the CFPB is a sign that the bank's days under an asset cap may be numbered. But the consumer bureau, still led by Director Rohit Chopra, says Wells is still being scrutinized as a repeat offender.
The order, the seventh terminated since 2019 for the bank, related to Wells’ auto lending, mortgage and consumer deposit account services.
In 2022, the CFPB had ordered the bank to pay $3.7 billion for ‘widespread’ problems with its auto loans, mortgages and deposit accounts.
Wells Fargo & Co. said Tuesday the Consumer Financial Protection Bureau has terminated its 2022 consent order related to automobile lending, consumer deposit accounts, and mortgage lending products and services.
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Wells Fargo’s automobile- and mortgage-lending practices have now satisfied the requirements of a 2022 consent order set by federal regulators, the bank said.