The Federal Reserve Board announced that Wells Fargo is no longer subject to the asset growth restriction imposed under the Board’s 2018 enforcement action, after determining the bank has met all conditions required for removal of the cap. Under the 2018 action, Wells Fargo was required to strengthen its governance and risk management program and complete a third-party review of those improvements. The Federal Reserve Board completed its review of the bank’s remediation efforts and the required third-party assessments, and also carried out its own assessment of Wells Fargo’s corporate governance and firmwide risk management programs. Other provisions of the 2018 enforcement action remain in place until Wells Fargo satisfies the requirements for their termination.
Federal Reserve Board 2025-06-03
Federal Reserve Board lifts Wells Fargo asset growth restriction imposed under its 2018 enforcement action
The Federal Reserve Board has lifted the asset growth restriction on Wells Fargo, initially imposed under the 2018 enforcement action, after the bank met all necessary conditions. Wells Fargo was required to enhance its governance and risk management and undergo a third-party review, which the Board has now completed. Other provisions of the 2018 action remain until further requirements are met.