Wells Fargo
Workplace Accountability Record
· Banking & Financial Services
· WFC
Created approximately 3.5 million unauthorized accounts. Over $4.5 billion in cumulative regulatory penalties. Operated under Federal Reserve asset cap from 2018 to 2025. 11 former executives subject to OCC enforcement actions.
Accountability Snapshot
3.5M+
Unauthorized accounts created
Deposit and credit card accounts
$3.7B
CFPB penalty (2022)
$2B consumer restitution + $1.7B fine
11
Executives subject to OCC action
Including CEO, fines totaling $60M+
7 years
Fed asset cap duration
2018-2025
Observed Pattern
Systemic consumer fraud driven by aggressive sales culture and incentive structures. Employees created millions of unauthorized accounts over a multi-year period. Regulatory response included unprecedented Fed asset cap limiting company growth, billions in CFPB penalties, OCC consent orders, and DOJ fines. Pattern of violations extended beyond fake accounts to auto-loan insurance overcharges, mortgage abuses, and improper fee practices.
Accountability Timeline
Jan 15, 2025
Governance
OCC banned former community bank group risk officer from banking industry for life with $10M penalty. Two additional executives fined $7M and $1.5M. Actions are last OCC penalties against 11 executives linked to fake accounts scandal.
$18500000 penalty
Jan 18, 2023
Workplace Safety
OSHA inspection of WELLS FARGO BANK, N.A. at FREDERICK, MD. Found 2 violation(s): 2 .
Dec 20, 2022
Consumer Protection
CFPB ordered $2 billion in consumer restitution and $1.7 billion civil penalty for illegal practices across auto lending, mortgage servicing, and deposit accounts. Violations caused billions of dollars in financial harm including wrongful vehicle repossessions and home foreclosures.
$3700000000 penalty
Mar 7, 2019
Workplace Safety
OSHA inspection of WELLS FARGO BANK, NA at CARLSBAD, CA. Found 3 violation(s): 3 .
Apr 1, 2018
Consumer Protection
Settlement resolved issues related to auto-loan insurance overcharges (customers forced to pay for unnecessary insurance, some lost vehicles) and mortgage interest rate lock extension fees improperly charged to borrowers.
$1000000000 penalty
Feb 2, 2018
Governance
Fed ordered Wells Fargo to cap total assets at approximately $1.95 trillion until the company sufficiently improves governance and controls. Most significant Fed enforcement action against a major bank in modern history. Cap remained in effect until June 2025.
Jan 25, 2018
Workplace Safety
OSHA inspection of WELLS FARGO BANK at SPOTSYLVANIA, VA. Found 1 violation(s): 1 .
Sep 8, 2016
Consumer Protection
Employees opened over 2 million unauthorized deposit and credit card accounts to meet sales targets. CFPB levied $100M penalty (largest to date), OCC fined $35M, Los Angeles fined $50M. Over 5,300 employees terminated. CEO John Stumpf subsequently resigned.
$185000000 penalty
Primary Sources
Verified public records and government databases
CFPB Enforcement Actions — CFPB
https://www.consumerfinance.gov/
https://www.consumerfinance.gov/
Checked May 22, 2025
OCC Consent Orders — OCC
https://www.occ.treas.gov/
https://www.occ.treas.gov/
Checked May 22, 2025
Federal Reserve Orders — Federal Reserve
https://www.federalreserve.gov/
https://www.federalreserve.gov/
Checked May 22, 2025
Congressional Research Service — Library of Congress
https://www.congress.gov/crs-product/IF11129
https://www.congress.gov/crs-product/IF11129
Checked May 22, 2025
OSHA Enforcement Data (Bulk) — Dept of Labor / OSHA
https://enforcedata.dol.gov/
https://enforcedata.dol.gov/
Checked May 23, 2026