OCC terminates 2016 cease and desist order against Wells Fargo

The Office of the Comptroller of the Currency, or OCC, released enforcement actions taken against national banks and federal savings associations, and individuals currently and formerly affiliated with banks the OCC supervises. Among them, the OCC issued an order terminating the cease and desist order against Wells Fargo Bank, N.A., dated September 16, 2016, for deficiencies and unsafe or unsound practices in the bank’s risk management and oversight of the bank’s sales practices, and unsafe or unsound sales practices by the bank. “The OCC terminates enforcement actions including when a bank has demonstrated compliance with all articles of an enforcement action or when the OCC determines that articles deemed ‘not in compliance’ have become outdated or irrelevant to the bank’s current circumstances,” the regulator noted.