Comptroller of the Currency Statement on the House Financial Services Committee’s Report on Wells Fargo

WASHINGTON — Comptroller of the Currency Joseph M. Otting today issued the following statement regarding the recent House Financial Services Committee’s report on Wells Fargo.

The Office of the Comptroller of the Currency shares the House Financial Services Committee’s commitment to ensuring all banks operate in a safe and sound manner and treat their customers fairly. The OCC appreciates the Committee’s oversight responsibilities and efforts to promote effective regulation and supervision of our nation’s banking system. Wells Fargo Bank’s treatment of its customers and employees and its failure to promptly correct identified deficiencies under its previous management are unacceptable for this or any other bank. OCC staff continues to work with the bank’s new management to correct the deficiencies identified in our previous orders and to comply with laws, regulations, and expectations going forward. I am confident in the OCC staff’s ability and resolve to use every tool available to ensure that banks we supervise operate in a safe and sound manner and, just as importantly, treat customers fairly. While the bank still has much work ahead, we are encouraged by the leadership and focus on regulatory matters by the bank’s new Chief Executive Officer.