WASHINGTON/NEW YORK (Reuters) – The U.S. Consumer Financial Protection Bureau (CFPB) has told Congress that “all options are on the table” for enforcing a 2018 consent order against Wells Fargo, raising the prospect of potential future penalties or other sanctions against the bank.
FILE PHOTO: A Wells Fargo ATM machine is shown in Los Angeles, California, U.S., October 19, 2018. REUTERS/Mike Blake/File Photo
In a letter to Democratic Senators Elizabeth Warren and Sherrod Brown published by the lawmakers on Tuesday, CFPB Director Kathy Kraninger said she was unhappy with Wells Fargo’s progress fixing its risk management issues.
“I am not satisfied with the bank’s progress to date and have instructed staff to take all appropriate actions to ensure the bank complies with the consent order and Federal consumer financial law,” she wrote in the letter dated April 5.
“Broadly speaking, I consider all options on the table for enforcing Bureau consent orders,” Kraninger added.
Wells Fargo Wells declined to comment.
In April 2018, the CFPB and the Office of the Comptroller of the Currency (OCC) jointly fined Wells Fargo $1 billion for mis-selling auto loans and mortgage products and ordered the bank to repay harmed customers and fix its controls and