The CFPB found in 2016, and the Justice Department and SEC stated in 2020, that Wells Fargo employees opened deposit and credit card accounts without customer authorisation under pressure from sales goals, between 2002 and 2016, and the SEC alleged the bank misled investors about its cross-sell metric from 2012 to 2016.
As of 30 October 2026 the Federal Reserve's 2018 enforcement action, including the asset cap, has been terminated (5 March 2026) and Bloomberg Law reported that Wells Fargo had no outstanding public consent orders. The three year term of the 2020 deferred prosecution agreement has run, but no public Justice Department record of its formal completion was located.
Consent order, Docket No. 2016-CFPB-0015. The CFPB found employees opened accounts without authorisation, driven by sales targets and incentives, with the bank's own analysis identifying more than two million deposit and credit card accounts that may not have been authorised. It imposed a $100 million civil penalty and full restitution. The CFPB lists the order as expired, terminated or dismissed.
2018 enforcement action (consent cease and desist order), dated 2 February 2018 per the Federal Reserve page address. Required improved governance and risk management with third party reviews and imposed a limit on growth in total assets until conditions were met.
Wells Fargo paid $3 billion in combined criminal, civil FIRREA and SEC resolutions. Under a three year deferred prosecution agreement concerning potential false bank records and identity theft offences, it admitted a statement of facts stating that millions of accounts or products were provided under false pretenses or without consent, that it collected millions of dollars in fees and interest to which it was not entitled, and that it harmed the credit ratings of certain customers.
The SEC found that Wells Fargo misled investors about its Community Bank cross-sell strategy from 2012 to 2016 in violation of Exchange Act antifraud provisions, with a $500 million civil penalty for distribution to investors. The release does not state whether Wells Fargo admitted the findings.
Wells Fargo announced on 15 February 2024 that the OCC had terminated the consent order it issued in 2016 regarding sales practices misconduct. The OCC termination document and its exact date were not reviewed.
Press release removing asset growth restriction. The Board said Wells Fargo had met all conditions for lifting the asset growth restriction, while other provisions of the 2018 action stayed in place.
Termination of 2018 enforcement action. The Board terminated the 2018 action after determining the bank had met all required conditions.
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Last updated 30 October 2026. Spotted an error? See corrections. Every event links to the record it comes from. Allegations are attributed to whoever made them.