The Office of the Comptroller of the Currency announced on Wednesday that it has terminated the mortgage servicing-related consent order against Wells Fargo. At the same time, the OCC issued a civil money penalty of 70 million dollars to the bank for previous violations of the order.
The consent order against Wells Fargo was terminated by the OCC after it was determined that the bank is now in compliance with the order. Wells Fargo was one of 12 mortgage servicers penalized by the OCC and the Office of Thrift Supervision in April 2011 for deficient mortgage servicing and foreclosure practices.
The economic and financial well-being of American families paints a contradicting picture since the financial crisis. The Federal Reserve Board's latest Report on the Economic Well-Being of U.S. Households that found that American families experienced continued mild improvement in their financial well-being in 2015, but many families were struggling financially and felt excluded from economic advancement.