...September 10, 2021 NEW YORK (S&P Global Ratings) Sept. 10, 2021--Yesterday the Office of the Comptroller of the Currency (OCC) issued an enforcement action against Wells Fargo & Co. (###+/Stable/A-2) related to its loss mitigation practices in its mortgage business. S&P Global Ratings views this as a setback in the company's attempt to resolve myriad regulatory matters outstanding. Still, the announcement has no effect on our ratings on Wells Fargo. The OCC's consent order announced yesterday is limited in scope, and we believe the impact on Wells Fargo's profitability will likely be immaterial. Positively, Wells Fargo also confirmed that an outstanding consent order issued in September 2016 by the Consumer Financial Protection Bureau regarding the bank's retail sales practices has expired. Even so, the OCC's new consent order does highlight issues regarding the pace and progress of Wells Fargo's attempts to address its complex regulatory matters still outstanding. The OCC's consent order...
