Wells Fargo Affirms Focus on Building Strong Risk and Control Foundation
Specifically, since 2019, we have:
- Split three business groups into five and created four new Enterprise Functions to enable greater oversight and transparency
-
Brought on board a significant number of new leaders. Ten of 17 Operating Committee members are new to
Wells Fargo . We have new leaders across our businesses and functions. In Home Lending alone, more than75% of the leadership team is new toWells Fargo or to their roles sinceKristy Fercho , the head of Home Lending, joined the company inAugust 2020 -
Created new teams designed to ensure better and more consistent customer focus, including a Sales Practices Oversight and Management Function, an
Office of Consumer Practices , and a significantly strengthened Control Management organization and program - Launched an enterprise-wide Risk and Control Self-Assessment program to assess operational risks and controls and ultimately to design additional mitigating controls as appropriate
- Implemented a new incentive plan for bank branches that is governed by stronger oversight and controls, and focused on customer relationships
- Made significant progress in reducing the total number of customer remediations we have to complete and in accelerating remediation payments to our customers
In addition,
-
In
September 2021 , theCFPB consent order issued inSeptember 2016 regarding improper retail sales practices terminated -
In
January 2021 , the OCC terminated a 2015 Consent Order related to Wells Fargo’s Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program -
In
May 2020 , the OCC upgraded Wells Fargo’s Community Reinvestment Act rating to “outstanding”
About
Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.
News Release Category: WF-CF
View source version on businesswire.com: https://www.businesswire.com/news/home/20210914005842/en/
Media
beth.richek@wellsfargo.com
Investor Relations
john.m.campbell@wellsfargo.com
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