Federal regulators moved to lift their punishment against Wells Fargo, which prevented its growth following the bank’s fake accounts scandal in 2018. The Federal Reserve Board of Governors voted Monday to remove an unprecedented restriction that had capped the bank’s assets at approximately $1.

The Federal Reserve said it has removed restrictions it had placed on Wells Fargo, the prominent San Francisco bank that has sought to move past a series of scandals in the last decade.

Wells Fargo is shedding the last major link to the fake accounts scandal that dogged the bank: the Federal Reserve on Tuesday said that it would no longer cap how much the institution could grow. Why it matters: For the first time in seven years,