In an interview with ABC News, Mulvaney said the amount of the settlement reflects the seriousness of the bank’s violations. He added, “While the CFPB will be working to try to reduce unnecessary regulations on the industry that doesn’t mean that folks will be free to abuse consumers.”
On the other hand, the OCC stated that it took actions against Wells Fargo because of the severity of its deficiencies, violations of law, and financial harm to consumers. The regulator also stressed that the bank failed to correct its mistakes in a timely manner.
The regulator found that Well Fargo’s practices in its enterprise-wide compliance risk management program are reckless, unsafe, and unsound. Thus, it violated the Section 5 of the Federal Trade Commission (FTC) Act.
Meanwhile, Well Fargo CEO Tim Sloan said they share the same priorities with the regulators. He also expressed commitment to working with them.
