Exhibit 1207 · Consent order
In the Matter of Wells Fargo Bank, N.A., Consent Order, No. 2016-CFPB-0015
Respondent set sales goals and implemented sales incentives, including an incentive-compensation program, in part to increase the number of banking products and services that its employees sold to its customers.
Order finds that Wells Fargo set sales goals and incentives and that thousands of employees opened deposit accounts and applied for credit cards without consumers’ knowledge or consent to meet them, including "simulated funding". The bank terminated roughly 5,300 employees for improper sales practices in the relevant period. Imposes a $100 million civil money penalty.
- Source
- Consumer Financial Protection Bureau
- Date
- 8 September 2016
- Quoted from
- Bureau Findings and Conclusions, paragraph 8, p. 4
- Grade
- Primary record
- Document
- https://files.consumerfinance.gov/f/documents/092016_cfpb_WFBconsentorder.pdf
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
- Note
- The bank consented "without admitting or denying the findings of facts and conclusions of law" (order p. 2). Paragraph 9: "During the Relevant Period, Respondent terminated roughly 5,300 employees for engaging in Improper Sales Practices." The April 2017 independent directors' report was not read.