SAN FRANCISCO--(BUSINESS WIRE)--Mar 17, 2025--
Wells Fargo & Company (NYSE: WFC) today confirmed that the Office of the Comptroller of the Currency (OCC) terminated its 2021 consent order related to loss mitigation practices in the company’s Home Lending business. This is the eleventh consent order closed by Wells Fargo’s regulators since 2019.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250317987182/en/
Charlie Scharf, Wells Fargo’s CEO, said of today’s news:
“We are pleased that the OCC has again validated our work and terminated this consent order in just three and a half years. This timeframe is much improved from other historical orders, including two 2011 Federal Reserve orders which were terminated earlier this year. This is our fifth closed consent order since the beginning of 2025. We remain confident that we will complete the work required in our remaining consent orders.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 34 on Fortune’s 2024 rankings of America’s largest corporations.
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.
News Release Category: WF-CF
Facade of a Wells Fargo bank branch in Manhattan (Photo: Wells Fargo)
WASHINGTON (AP) — President Donald Trump’s “Board of Peace,” which was initially seen as a mechanism focused on ending the Israel-Hamas war in Gaza, is taking shape with ambitions to have a far broader mandate of other global crises, potentially rivaling the United Nations in what would be a major upheaval to the post-World War II international order.
In letters sent Friday to various world leaders inviting them to be “founding members” of the board, Trump says the body would “embark on a bold new approach to resolving global conflict.”
Invitation letters from Trump to Argentine President Javier Milei and Paraguay's leader Santiago Peña, that were posted Saturday to their official social media accounts note that Trump’s 20-point Gaza ceasefire plan, which includes the creation of the Board of Peace, was endorsed by the U.N. Security Council and indicates that the panel of world leaders may not confine their work to Gaza.
“Now it is time to turn all of these dreams into reality,” Trump wrote. “At the heart of the plan is the Board of Peace, the most impressive and consequential board ever assembled, which will be established as a new International Organization and Transitional Governing Administration.”
Other leaders whose governments have confirmed receiving invitation letters include Canadian Prime Minister Mark Carney, Egyptian President Abdel-Fattah el-Sissi and Turkish President Recep Tayyip Erdogan. It was not immediately clear how many or which other leaders would receive invitations.
Trump’s apparent aspirations to turn to the Board of Peace into an international institution that could provide an alternative to the United Nations is sure to be controversial and opposed by numerous countries, including China and Russia, which hold veto power in the U.N. Security Council and have significant interests in opposing any radical change in the world order.
Smaller nations are also likely to have objections as the U.N. system has given them at least a voice in major international decisions since the end of the Second World War.
“This is a U.S. shortcut in an attempt to wield its veto power on world affairs," Daniel Forti, head of U.N. affairs at the International Crisis Group, said. "It allows the U.S. to really take the role it has on the Gaza-Israel file, where it’s able to shape things to its will and try to extend that to other conflicts.”
He added that this idea "would give world leaders involved a sort of mechanism to try and sidestep longstanding agreements around sovereignty and territorial integrity in exchange for transactional deals.”
A senior U.S. official said an expanded role for the Board of Peace remains “aspirational” but that Trump and his advisers believe it is possible, particularly as the U.S. and others have repeatedly expressed frustration with the United Nations and its associated organizations, commissions and advisory boards.
The official, who spoke on condition of anonymity to discuss internal Trump administration thinking, did not say the Board of Peace is intended to replace the United Nations but suggested that it could perhaps galvanize the world body into action.
The Trump administration has often been at odds with the United Nations as it zeroed in on eliminating billions of dollars in funding to international organizations and humanitarian assistance at large. Trump and his allies have blasted the world body for not reaching its potential and for “bloated” and redundant agencies that push “woke” ideology.
The letters follow Trump's post on social media Thursday, saying the Board of Peace had been formed and that the names of its members would be announced “shortly.” Officials say a formal announcement is expected to be made next week during the World Economic Forum meeting in Davos, Switzerland.
It comes after the White House on Friday evening released the names of some of the leaders who will play a role in overseeing next steps in Gaza, including an executive board that will work to carry out the vision of the Board of Peace. Israel’s government objected Saturday, saying it “was not coordinated with Israel and is contrary to its policy.
That executive committee includes Trump administration officials Secretary of State Marco Rubio and envoy Steve Witkoff as well as businesspeople like Apollo Global Management CEO Marc Rowan and others like former British Prime Minister Tony Blair and World Bank President Ajay Banga.
The White House did not respond to a request for comment Saturday on Trump’s ambitions for the Board of Peace nor the letters posted by leaders. The United Nations also did not immediately respond.
Associated Press writers Rob Gillies in Toronto, Cinar Kiper in Istanbul, Farnoush Amiri in New York and Josh Boak in West Palm Beach, Florida, contributed to this report.
FILE - Argentina's President Javier Milei waves as he attends the swearing-in ceremony of President Rodrigo Paz in La Paz, Bolivia, Nov. 8, 2025. (Luis Gandarillas/Pool Photo via AP, File)
FILE - Paraguay President Santiago Pena arrives for the swearing-in ceremony of President Rodrigo Paz in La Paz, Bolivia, Nov. 8, 2025. (AP Photo/Juan Karita, File)
FILE - Special Presidential Envoy Steve Witkoff, left, and Secretary of State Marco Rubio arrive before a trilateral signing ceremony with Azerbaijan's President Ilham Aliyev and Armenia's Prime Minister Nikol Pashinyan in the State Dining Room of the White House, Aug. 8, 2025, in Washington. (AP Photo/Mark Schiefelbein, File)
President Donald Trump arrives at a dedication ceremony for a portion of Southern Boulevard, which the Town of Palm Beach Council recently voted to rename,"President Donald J. Trump Boulevard," Friday, Jan. 16, 2026, at his Mar-a-Lago Club in Palm Beach, Fla. (AP Photo/Julia Demaree Nikhinson)
President Donald Trump disembarks Air Force One at Palm Beach International Airport, Friday, Jan. 16, 2026, in West Palm Beach, Fla. (AP Photo/Julia Demaree Nikhinson)
FILE - US envoy Steve Witkoff, left, and US businessman Jared Kushner attend a press conference after the signing of the declaration on deploying post-ceasefire force in Ukraine during the 'Coalition of the Willing' summit on security guarantees for Ukraine, at the Elysee Palace in Paris, Tuesday, Jan 6, 2026. (Ludovic Marin, Pool photo via AP, File)
