The Federal Reserve has terminated an enforcement action against Wells Fargo, the central bank announced Thursday.
The terminated order, issued in 2018, had required Wells to demonstrate improvements it had made to its governance and risk management program, compared with the system as it stood at the time of the bank’s 2016 fake-accounts scandal. Wells was also required to show that it had completed two third-party reviews of those improvements.
Wells acknowledged the termination in a press release Thursday that contained no further statement.
The Fed said Thursday it has determined that Wells has “met all required conditions” of the order through “remediation work [that] spanned nearly a decade.”
The termination leaves Wells with no outstanding enforcement actions from the Fed for the first time in 15 years, Bloomberg reported Thursday. Wells does, however, face one enforcement action from the Office of the Comptroller of the Currency, which said in September 2024 that it found deficiencies in anti-money laundering internal controls and financial crimes risk management practices. Those include the reporting of suspicious activity, customer due diligence and customer identification and beneficial ownership programs.
Wells shed at least seven consent orders last year, including a $1.95 trillion asset cap imposed by the Fed in 2018.
