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.

KEY TAKEAWAYS The Federal Reserve has lifted restrictions imposed on Wells Fargo's growth seven years ago following a series of scandals, including one where staff set up fake accounts. The news that the Fed had removed the approximately $1.

Wells Fargo & Co. today confirmed that its asset cap has been lifted by the Federal Reserve. The asset cap had been put into place under its 2018 consent order to address the bank’s poor governance and risk management practices.