OCC Issues Prohibition Order, Fines Former Wells Fargo Executive $17 Million in Settlement
March 15, 2023 / Source: OCC
This settlement resolves the administrative enforcement action against Ms. Tolstedt that began when the OCC filed a notice of charges (Notice) against her on January 23, 2020. The Notice alleged that Ms. Tolstedt was significantly responsible for the systemic sales practices misconduct at the bank. The Notice further alleged that the bank’s business model imposed unreasonable sales goals on its employees, along with unreasonable pressure to meet such goals.
It is the OCC’s expectation that all employees of national banks and federal savings associations, including senior executives, treat customers fairly, comply with the law, and promote safe and sound banking practices.
The settlement the OCC announced today is in addition to the settlements with seven other former Wells Fargo senior bank executives announced on January 23 and September 21, 2020, and January 15, 2021.
The civil money penalty (CMP) assessed against Ms. Tolstedt was paid to the U.S. Department of the Treasury.