OCC Imposes Civil Money Penalties Against Three Former Executives of Wells Fargo — 2025-01-14

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced enforcement actions against three former senior executives of Wells Fargo Bank, N.A., Sioux Falls, South Dakota (bank). These actions were taken in response to the former executives’ unsafe or unsound banking practices related to the bank’s systemic and widespread sales practices misconduct. The enforcement actions are described in two written decisions issued by Acting Comptroller of the Currency Michael J. Hsu, covering Claudia Russ Anderson and jointly covering David Julian and Paul McLinko, as follows: The decision covering Ms. Anderson found that from 2013 to 2016, she failed to credibly challenge the bank’s incentive compensation program, failed to institute effective controls to manage risks posed by sales practices misconduct, failed to escalate known or obvious risks, and repeatedly and consistently downplayed the sales practices misconduct. The decision also noted that Ms.