Federal regulators have let Wells Fargo off the leash that the bank had been on for seven years after it became embroiled in a scandal over fake customer accounts.
The Federal Reserve Board of Governors on Tuesday ended a restriction that capped the bank’s assets at about $2 trillion, according to the Wall Street Journal.
Wells Fargo, the nation’s fourth-largest bank, had been punished in 2018 after a scandal in which it was revealed that bank employees had opened millions of accounts without any authorization from customers.
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The order imposing the limit said “widespread consumer abuses and compliance breakdowns” were the reason for the restrictions.
Other parts of the order “will remain in place until the bank satisfies the requirements for their termination,” the Fed
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