April 20, 2018 / 2:25 PM / 6 months ago

BRIEF-Wells Fargo Enters Consent Orders With OCC, CFPB

April 20 (Reuters) - Wells Fargo & Co:

* WELLS FARGO ENTERS INTO CONSENT ORDERS WITH OCC AND CFPB

* ORDERS REQUIRE COMPANY TO PAY $1 BILLION IN TOTAL CIVIL MONEY PENALTIES

* WILL ADJUST ITS Q1 2018 PRELIMINARY FINANCIAL RESULTS BY AN ADDITIONAL ACCRUAL OF $800 MILLION, WHICH IS NOT TAX DEDUCTIBLE

* ACCRUAL REDUCES REPORTED Q1 2018 NET INCOME BY $0.16 CENTS PER SHARE TO 96 CENTS PER DILUTED COMMON SHARE

* WILL ALSO BE REQUIRED TO SUBMIT, FOR REVIEW BY ITS BOARD, PLANS DETAILING EFFORTS TO STRENGTHEN ITS COMPLIANCE & RISK MANAGEMENT

* ENTERED CONSENT ORDERS WITH OCC AND CFPB THAT ADDRESS MATTERS RELATED TO CO’S COMPLIANCE RISK MANAGEMENT PROGRAM

* CONSENT ORDERS ALSO ADDRESS ISSUES WITH SOME INTEREST RATE-LOCK EXTENSIONS ON HOME MORTGAGES, CPI PLACED ON CERTAIN AUTO LOANS

* WILL ALSO BE REQUIRED TO SUBMIT, FOR REVIEW BY ITS BOARD, PLANS DETAILING APPROACH TO CUSTOMER REMEDIATION EFFORTS Source text for Eikon: Further company coverage:

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