Wells Fargo nears full regulatory relief as CFPB lifts consent order

(Reuters) -Wells Fargo has cleared its twelfth consent order since 2019, the lender said on Monday, moving closer to fixing longstanding regulatory issues that have kept the bank under strict oversight and an asset cap of $1.95 trillion. The Consumer Financial Protection Bureau, the top consumer watchdog in the United States, lifted a 2018 consent order related to the lender's compliance risk management, the bank added. "Today's termination, along with the recent closure of other consent orders, demonstrates that we have completed much of our common risk and control infrastructure work," Wells CEO Charlie Scharf said.