Wells Fargo Shares Are Up Today: What's Going On?

Zinger Key Points

The Federal Reserve terminated two longstanding consent orders from 2011 related to Wells Fargo’s mortgage servicing and financial business
The stock rose nearly 2% as investors reacted positively to the news, seeing it as a sign that Wells Fargo is strengthening compliance.
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Wells Fargo Inc. WFC shares are trading higher Tuesday after the Federal Reserve Board terminated two longstanding enforcement actions against the company.

What To Know: The terminated consent orders date back to 2011 and were related to Wells Fargo's legacy mortgage servicing activities and its former Wells Fargo Financial business. These regulatory actions were among several tied to past issues within the bank and their removal reflects Wells Fargo's progress in addressing compliance concerns.

CEO Charlie Scharf acknowledged the significance of the decision, stating that it marks another step in the company's effort to resolve historical regulatory matters. He noted that since 2019, Wells Fargo has now closed nine consent orders and remains focused on addressing remaining regulatory requirements.

The termination of these enforcement actions follows the recent closure of a 2022 consent order from the Consumer Financial Protection Bureau.

WFC Price Action: Wells Fargo shares were up 1.95% at $79.66 at the time of writing, according to Benzinga pro.