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

News Release 2020-26 | March 5, 2020

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.

Media Contact

Bryan Hubbard
(202) 649-6870

IR Press

Share
Published by
IR Press
Tags: Large Banks

Recent Posts

OCC Announces Enforcement Actions for November 2024

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against…

39 mins ago

Treasury Sanctions Gazprombank and Takes Additional Steps to Curtail Russia’s Use of the International Financial System

Treasury imposes sanctions on dozens of Russian banks, securities registrars, and finance officials; OFAC issues…

17 hours ago

Acting Comptroller Testifies on State of the Federal Banking System

WASHINGTON—Acting Comptroller Michael J. Hsu today testified on the state of the federal banking system…

1 day ago

Remarks by Assistant Secretary for International Finance Brent Neiman on the U.S. Cross-Border Payments Agenda

As Prepared for Delivery Thank you very much for the opportunity to be here today, and…

3 days ago

Remarks by Assistant Secretary for Investment Security Paul Rosen at the Third Annual CFIUS Conference

As Prepared for Delivery Good afternoon.  I’d like to start by thanking our panelists today for…

3 days ago