SAN FRANCISCO—Wells Fargo & Company has successfully completed the requirements of a September 2016 consent order with the Office of the Comptroller of the Currency (OCC) related to compliance with provisions of the Servicemembers Civil Relief Act (SCRA).
The OCC announced in a posting on its website that the consent order had been terminated.
“Through the termination of this consent order, the OCC has validated Wells Fargo’s efforts to strengthen our processes to deliver SCRA benefits and protections proactively and consistently, enhance efforts to identify eligible customers and improve our oversight,” said Wells Fargo CEO Tim Sloan, according to The Daily Times. “This is another important step in our journey to fix issues, build a better bank, and most importantly ensure we are caring for the hard working men and women who bravely serve and defend our country.”
What Was Required
To satisfy the consent order, Wells Fargo:
- Expanded its SCRA Center of Excellence (COE) to help ensure all eligible customers could be cared for in a consistent and appropriate way. The COE is staffed with experts – many of whom are former military – who focus completely on SCRA and military customers.
- Implemented processes to proactively provide SCRA benefits and protections to eligible service members without requiring them to submit to us their written orders.
- Initiated quarterly checks of the Department of Defense’s military database to identify customers we can automatically enroll for SCRA protections and benefits.
- Delivered remediation funds to service members as part of the consent order. Refund amounts varied based on a customer’s individual situation, but would generally be comprised of refunds of fees, adjusted balances or other monetary relief.
“We are proud to serve those who serve our country. Satisfying the consent order reaffirms Wells Fargo’s ongoing commitment and continued work to reestablish itself and provide the service and advice our customers deserve,” Sloan said.