Wells Fargo Bank pays $70M in servicing-related CMP

The OCC has announced the termination of a mortgage servicing-related order against Wells Fargo Bank, N.A. (Wells Fargo), and assessment of a $70 million civil money penalty (CMP) against the bank for previous violations of the order. The OCC terminated the consent order against Wells Fargo after determining that the institution now complies with the order. The OCC’s originally issued orders in April 2011 and amended the orders in February 2013 and June 2015. The termination of the orders ends business restrictions affecting the bank that the OCC mandated in June 2015.