OCC lifting Wells Fargo consent order paves way for Fed to do same, says RBC

RBC Capital notes that Wells Fargo confirmed that the Office of the Comptroller of the Currency terminated the consent order issued in 2016 regarding sales practices misconduct, which the firm views as a positive for the company. While the release from the OCC consent order does not lift the asset cap the company has had to manage under since 2017, the lifting of this OCC consent order “paves the way” for the Federal Reserve to lift its consent order, says the analyst, who has a Sector Perform rating and $52 price target on Wells Fargo shares.