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Wells Fargo $WFC exits consent order. Is more regulatory progress coming? https://t.co/atBvg3sGWR
Once the nation's largest home lender, Wells Fargo could be poised for a comeback in the mortgage business this year as it continues to make progress in addressing regulators' concerns about its past practices. https://t.co/5StIdFGVOu
The asset cap’s removal will be a pivotal moment for Wells Fargo, and could be timed with the bank announcing a headquarters move to Texas, where Wells is moving a new office campus. https://t.co/gukwQfYYEE
Wells Fargo has successfully exited a consent order with the Consumer Financial Protection Bureau (CFPB) that was related to issues in auto lending, consumer deposit accounts, and mortgage lending. This marks the seventh consent order terminated under CEO Charlie Scharf and the ninth since 2016, leaving seven more orders still in effect. Despite this progress, the bank remains under scrutiny from regulators, and its asset cap remains in place. The removal of the asset cap is viewed as a critical factor for the bank's future growth, particularly as it prepares to move its headquarters to Texas. Analysts suggest that Wells Fargo could be positioned for a resurgence in the mortgage sector as it continues to address regulatory concerns.