Wells Fargo Bank has been ordered to pay $250 million related to deficiencies in its home lending loss mitigation program in addition to violations of a 2018 consent order, the Office of the Comptroller of the Currency (OCC) announced Thursday.
The OCC fined the bank $500 million in April 2018 for failing to implement and maintain a satisfactory compliance risk management program. A consent order agreed to at the time ordered Wells Fargo to make a series of improvements to its enterprise-wide compliance risk management program that the OCC today feels have not been met.
