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Wells Fargo to pay $250M fine for failure to improve oversight of mortgage business


The Hill: Wells Fargo agreed to pay a $250 million fine after the Office of the Comptroller of the Currency charged the company with failing to improve oversight of its mortgage business and comply with a 2018 agreement to fix decades of internal lapses. “Wells Fargo has not met the requirements of the OCC’s 2018 action against the bank. This is unacceptable,” said acting Comptroller of the Currency Michael Hsu in a statement. The consent order also bans Wells Fargo from transferring any of the mortgages it collects payments on out of its portfolio. It also bars the bank from acquiring the rights to service residential mortgages, with few exceptions, until the OCC is satisfied with its progress.

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