Fed terminates two 2011 enforcement actions against Wells Fargo

Reuters
05 Feb
Fed terminates two 2011 enforcement actions against Wells Fargo

WASHINGTON, Feb 4 (Reuters) - The Federal Reserve announced Tuesday it had terminated a pair of enforcement actions it imposed on Wells Fargo in 2011, but said the bank's asset cap remained in place.

The enforcement actions related to deficient practices in mortgage servicing and foreclosures by the bank, and mortgage lending at a former subsidiary. The Fed said the asset cap it imposed in 2018 is not affected by these moves. A bank spokesperson did not immediately respond to a request for comment.

(Reporting by Pete Schroeder)

((Pete.Schroeder@thomsonreuters.com; 202-310-5485;))

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