OCC issues $250 million penalty against Wells Fargo
US regulator says bank has failed to meet commitments on loss mitigation
The Office of the Comptroller of the Currency in the US fined Wells Fargo $250 million, it announced on September 9.
The OCC fined the bank for failing to properly manage compliance risks in its mortgage operations. The regulator said Wells Fargo “failed to fully implement and maintain adequate loss mitigation practices”, breaching a 2018 agreement with the OCC.
“Loss mitigation” refers to the bank’s procedures for working with lenders to avoid default and foreclosure.
“Wells Fargo has not
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