Executive Compensation Program Overview
See pages ii and 32 - 34 of our
Proxy for more on our focus on
risk and control
Ongoing Focus on Risk Management Oversight
Our top priority is to strengthen our Company by building an appropriate risk and control infrastructure. While we have
achieved some milestones, we have work to do, and we remain focused on our risk and control work.
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The Board oversees risk management directly and through its Committees - each is responsible for risks within its
purview
The Risk Committee has primary responsibility for overseeing all risks and the risk management framework, including by
approving the risk management framework and overseeing its implementation, overseeing the Company's risk appetite
and profile, and defining the risk roles and responsibilities of our three lines of defense
In addition to the risk oversight structure at the parent level, the board of directors of the Company's principal banking
subsidiary, Wells Fargo Bank N.A., has established the Regulatory Compliance Oversight Committee (RCOC). The RCOC
oversees compliance with certain regulatory consent orders and other enforcement actions
We have established management governance committees that support management in carrying out its risk
management responsibilities
Spotlight on Progress in 2022
Broad-reaching settlement with the Consumer Financial Protection Bureau (CFPB); in addition, the CFPB clarified how and when a
2018 consent order would terminate (December 2022)
Termination of an August 2016 CFPB consent order related to student loan servicing (December 2022)
✓ Termination of a June 2015 Office of the Comptroller of the Currency consent order relating to add-on products (January 2022)
Announced plans to reduce the size of our mortgage servicing portfolio and exit our correspondent business
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