A Wells Fargo spokeswoman did not immediately respond to a request for comment. Earlier this month, the Office of the Comptroller of the Currency fined the bank $250 million for failing to properly pay back wronged customers as directed in a 2018 consent order. The OCC also placed new restrictions on the bank's ability to expand its mortgage servicing business until it had addressed those shortcomings. At the time, Wells Fargo CEO Charles Scharf said the bank was still working on addressing "significant, longstanding deficiencies." On Wednesday, Powell said the Fed was closely monitoring the bank's efforts to address its numerous issues, and would not hesitate to impose fresh penalties if it fails to meet its expectations. (Reporting by Lindsay Dunsmuir and Ann Saphir, writing by Megan Davies; editing by Diane Craft and Edward Tobin)