Episode 127 — Deep Dive into OCC Enforcement Action Against Wells Fargo Executives

In a comprehensive enforcement action, the Office of the Comptroller of Currency (OCC) announced a $17.5 million settlement with former Wells Fargo Bank CEO John Stumpf for his  role in the sales practices misconduct scandal. In addition, the OCC announced settlements with two other Wells Fargo executives: (1) Hope Hardison, former Chief Administrative Officer and Director of Human Resources, Cease and Desist Order and $2.25 million civil money penalty; and (2) Michael Loughlin, Chief Risk Officer, Cease and Desist Order and $1.25 million civil money order.

In addition to the specific settlements, the OCC initiated penalty notices against five former Wells Fargo officials, including: (1) Carrie Tolstedt, Head of the Community Bank, Prohibition Order and $25 million civil money penalty; (2) Claudia Russ Anderson, Community Bank Group Risk Officer, Prohibition Order and $5 million civil money penalty; (3) James Strother, General Counsel, Personal Cease and Desist Order and $5 million civil money penalty; (4) David Julian, Chief Auditor, PC&D Order and $2 million civil money penalty; and (5) Paul McLinko, Executive Audit Director, PC&D Order and $500,000 civil money penalty.

The facts outlined by the OCC in the enforcement actions paint a damning picture of misconduct.

In this Episode, Michael Volkov takes a deep dive into the scandal and the OCC’s enforcement action.

You may also like...

1 Response

  1. February 24, 2020

    […] We all have heard about the Wells Fargo debacle, and I have written repeatedly about Wells Fargo’s blatant misconduct.  Wells Fargo has defined itself as a company lead by rotten senior leaders who were committed to making money, greed and ignored any attempt to comply with the law or even demonstrate any care or empathy for its work force. […]