Wells Fargo Clears SCRA Consent Order
SAN FRANCISCO--(BUSINESS WIRE)--Jul 24, 2018--Wells Fargo & Company (NYSE:WFC) has successfully completed the requirements of a September 2016 consent order with the Office of the Comptroller of the Currency (OCC) related to compliance with provisions of the Servicemembers Civil Relief Act (SCRA). On Friday, July 20, the OCC announced in a posting on its website that the consent order had been terminated.
“Through the termination of this consent order, the OCC has validated Wells Fargo’s efforts to strengthen our processes to deliver SCRA benefits and protections proactively and consistently, enhance efforts to identify eligible customers and improve our oversight,” said Wells Fargo CEO Tim Sloan. “This is another important step in our journey to fix issues, build a better bank, and most importantly ensure we are caring for the hard working men and women who bravely serve and defend our country.”
To satisfy the consent order, Wells Fargo:Expanded our SCRA Center of Excellence (COE) to help ensure all eligible customers could be cared for in a consistent and appropriate way. The COE is staffed with experts – many of whom are former military – who focus completely on SCRA and military customers. Implemented processes to proactively provide SCRA benefits and protections to eligible service members without requiring them to submit to us their written orders. Initiated quarterly checks of the Department of Defense’s military database to identify customers we can automatically enroll for SCRA protections and benefits. Delivered remediation funds to service members as part of the consent order. Refund amounts varied based on a customer’s individual situation, but would generally be comprised of refunds of fees, adjusted balances or other monetary relief.
Sloan added, “We are proud to serve those who serve our country. Satisfying the consent order reaffirms Wells Fargo’s ongoing commitment and continued work to reestablish itself and provide the service and advice our customers deserve.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investments, mortgage, and consumer and commercial finance through 8,200 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
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Lisa Westermann, 415-845-7759
Tom Goyda, 314-875-8222
John Campbell, 415-396-0523
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING CONSULTING FINANCE
SOURCE: Wells Fargo & Company
Copyright Business Wire 2018.
PUB: 07/24/2018 03:33 PM/DISC: 07/24/2018 03:33 PM