Wells Fargo in San Francisco has been released from the Federal Reserve’s asset cap.
The Fed said that the $1.9 trillion-asset company is no longer subject to the asset growth restriction from a 2018 enforcement action. The Fed determined that Wells Fargo had met all the conditions required by the enforcement action.
Under the 2018 enforcement action, Wells Fargo was required to improve its governance and risk management program and complete a third-party review of these improvements for the growth restriction to be removed.
The Fed completed its review of Wells Fargo’s remediation efforts and required third-party assessments and has completed a separate assessment of the bank’s corporate governance and firmwide risk management programs.
The other provisions in the enforcement action will remain in place until the bank satisfies the requirements for their termination.