Letters were also sent to former chairman and chief executive officer John Stumpf and past lead independent director Stephen Sanger stating that their performance in those roles, in particular, did not meet the Federal Reserve's expectations. Wells Fargo said it is confident it will satisfy consent order requirements. "We take this order seriously and are focused on addressing all of the Federal Reserve's concerns," said Timothy J. Sloan, Wells Fargo's president and chief executive officer. "It is important to note that the consent order is not related to any new matters, but to prior issues where we have already made significant progress," he said. "We appreciate the Federal Reserve's acknowledgment of our actions to date," Sloan said. "In addition, the order is not related to Wells Fargo's financial condition — we remain in a strong financial position and stand ready to serve the varied financial needs of our customers." Wells Fargo has an office at 520 S Highway 160 in Pahrump.