Wells Fargo Says CFPB Ended Compliance-Risk Consent Order

Group 1 - The Consumer Financial Protection Bureau (CFPB) has terminated a consent order related to Wells Fargo's compliance risk management program, marking the 12th consent order closed by regulators since 2019 and the sixth in 2023 [1][2] - Wells Fargo's CEO, Charlie Scharf, expressed pride in the progress made towards compliance and confidence in closing other open consent orders [2] - The bank has faced regulatory challenges since the "fake accounts" scandal in 2016, including an asset cap imposed by the Federal Reserve in 2018, limiting its balance sheet to $1.95 trillion [2] Group 2 - The termination of the consent order has raised hopes that the asset cap on Wells Fargo could be lifted soon [3] - In January, Wells Fargo announced the termination of a 2022 CFPB consent order related to automobile and mortgage lending, which included a$3.7 billion fine [3][4] - The CFPB's enforcement focus is shifting towards consumer crimes, particularly against military families, rather than on issues like digital payments and student loans [5]