Wells Fargo Statement on Amended OCC Consent Order Released Today

SAN FRANCISCO–(BUSINESS WIRE)–Wells Fargo and Company (NYSE: WFC) has entered into an Amended Consent Order with the Office of the Comptroller of the Currency (OCC) regarding compliance with an April 2011 Consent Order.

“We will continue to work with the OCC to address the remaining items, and we have in place an action plan to complete that work in the coming months.”

“Wells Fargo has implemented significant changes to our mortgage servicing operations and achieved compliance with major elements of the original Consent Order,” said Mike Heid, president of Wells Fargo Home Mortgage. “We will continue to work with the OCC to address the remaining items, and we have in place an action plan to complete that work in the coming months.

“The Amended Consent Order will not impact our retail or correspondent origination activities, or our ability to service mortgage loans originated through those channels,” added Heid.

Overall, Wells Fargo is in compliance with 83 of the 98 items detailed in the April 2011 Consent Order and in full compliance with Articles V, VI, VII and X. Those Articles cover third-party management, MERS-related matters, the Independent Foreclosure Reviews and risk assessment practices. In addition, the company is in compliance with the vast majority of the remaining Articles.

About Wells Fargo

Wells Fargo and Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.7 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo and Company was ranked No. 30 on Fortune’s 2015 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.

Cautionary Statement About Forward-Looking Statements

This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov

 

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