OCC Issues Prohibition Order, Fines Former Wells Fargo Executive $17 Million in Settlement — 2023-03-15

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced the issuance of a prohibition order and a $17 million civil money penalty by consent against Carrie Tolstedt, former head of Wells Fargo Bank, N.A.’s Community Bank, for her role in systemic sales practices misconduct. This settlement resolves the administrative enforcement action against Ms. Tolstedt that began when the OCC filed a notice of charges (Notice) against her on January 23, 2020. The Notice alleged that Ms. Tolstedt was significantly responsible for the systemic sales practices misconduct at the bank. The Notice further alleged that the bank’s business model imposed unreasonable sales goals on its employees, along with unreasonable pressure to meet such goals. It is the OCC’s expectation that all employees of national banks and federal savings associations, including senior executives, treat customers fairly, comply with the law, and promote safe and sound banking practices.