Wells Fargo scammed millions of people by opening fake accounts. The Trump Administration just reduced a former Wells Fargo exec's $10 million fine to $0.
Trump is making life more affordable for Wall Street executives — and more expensive for everyone else. pic.twitter.com/CnQ7auJrYb
— Elizabeth Warren (@SenWarren) October 24, 2025
OCC drops fine in final Wells fake-accounts settlement
Claudia Russ Anderson, group risk officer at the time of the bank’s fake-accounts scandal, won’t face an additional monetary penalty by the regulator.
The Office of the Comptroller of the Currency has settled its last remaining case against Wells Fargo tied to the bank’s 2016 fake-accounts scandal, without a fine.
Wells’ former group risk officer, Claudia Russ Anderson, faces no additional monetary penalty by the regulator for her role in the high-profile misstep.
“The settlement announced with Claudia Russ Anderson … marks the culmination of the OCC’s enforcement actions to hold eleven former Wells Fargo executives accountable for their roles in the bank’s sales practices misconduct,” an OCC spokesperson told Banking Dive via email. “Each of the OCC’s enforcement actions was warranted and fully supported as described in court filings and the bank’s own independent review.