Action reaffirms company’s commitment to making things right
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.
