Categories: Office of the Comptroller of the Currency

OCC Fines Former Wells Fargo General Counsel $3.5 Million in Settlement

News Release 2021-10 | January 15, 2021

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it has assessed a $3.5 million penalty against James Strother for his role in Wells Fargo Bank, N.A.’s systemic sales practices misconduct.

The penalty came as part of a settlement with the bank’s former General Counsel that also included a personal cease and desist order. The settlement follows the OCC filing a notice of charges against Mr. Strother and four other senior bank executives on January 23, 2020. As part of the settlement, Mr. Strother agreed to cooperate with the OCC in any investigation, litigation, or administrative proceeding related to sales practices misconduct at the bank.

The settlement the OCC announced today is in addition to the settlements with six other former senior bank executives announced on January 23 and September 21, 2020.

The civil money penalty (CMP) is paid to the U.S. Treasury.

Related Links

Media Contact

Bryan Hubbard
(202) 649-6870

Related posts:

  1. OCC Assesses $30 Million Civil Money Penalty Against Citibank
  2. OCC Releases 2021 Schedule of Virtual Bank Director Workshops
  3. OCC Approves Final Rule on Supervisory Guidance
  4. OCC Puts Hold on Fair Access Rule
IR Press

Leave a Comment
Share
Published by
IR Press
Tags: Consumer Protection Enforcement Actions
4 years ago

Recent Posts

Treasury Issues Final Rule Expanding CFIUS Coverage of Real Estate Transactions Around More Than 60 Military Installations

WASHINGTON – Today, the U.S. Department of the Treasury (Treasury), as Chair of the Committee…

2 days ago

U.S. Department of the Treasury’s CDFI Fund and Federal Housing Finance Agency Collaborate to Bolster CDFI Access to Capital

WASHINGTON—Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) and…

2 days ago

Report on U.S. Portfolio Holdings of Foreign Securities at Year-End 2023

Washington – The findings from the annual survey of U.S. portfolio holdings of foreign securities…

3 days ago

READOUT: U.S. Department of the Treasury Hosts Roundtable Discussion on the Financial Sector’s Response to Recent Hurricanes

WASHINGTON – The U.S. Department of the Treasury hosted a roundtable on October 30 with…

3 days ago

READOUT: Sixth Meeting of the Financial Working Group Between the United States and the People’s Republic of China

WASHINGTON – The United States and the People’s Republic of China held the sixth meeting…

3 days ago

Treasury Sanctions Key Members of La Linea, a Group Involved in Trafficking Fentanyl into the United States

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned…

3 days ago