Wells Fargo wins termination of 2015 regulatory order

Wells Fargo & Co. WFC, +0.61% on Thursday confirmed that the Office of the Comptroller of the Currency (OCC) terminated a consent order from 2015 stemming from billing and marketing practices on identity and debt cancellation products offered by the bank. “The OCC believes that the safety and soundness of the bank and its compliance with laws and regulations does not require the continued existence of the order,” the federal regulatory agency said in a legal document posted on its website. The OCC had charged the bank in 2015 with deficiencies in the bank’s practices and issued a cease and desist order. Wells Fargo said the termination of the 2015 OCC order fits its “top priority” to build a risk and control infrastructure that’s “appropriate for its size and complexity.” Shares of Wells Fargo rose 0.6% on Thursday after gaining 16.5% so far in 2022. The stock is up 72.1% in the past year, ahead of the 19% gain by the S&P 500 SPX, +0.88%.