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The Office of the Comptroller of the Currency (OCC) has announced the conclusion of its mortgage servicing-related order against Wells Fargo Bank and charged the San Francisco-based lender with a $70 million civil money penalty for previous violations of the order.
The OCC’s originally issued its order in April 2011 and amended it in February 2013 and June 2015. The $70 million civil money penalty against the bank is based on what the agency dubbed as a failure to “correct deficiencies identified in the 2011 consent orders in a timely fashion,” adding that the company also “filed payment change notices in bankruptcy courts that did not comply with bankruptcy rules and safe and sound banking practices.” Furthermore, the OCC determined that Wells Fargo made “escrow calculation errors that in some cases led to incorrect loan modification denials and constituted unsafe or unsound banking practices” between March 2013 and October 2014.
Wells Fargo will pay its penalty directly to the U.S. Treasury.