The Federal Reserve has concluded its enforcement measures against Wells Fargo that stemmed from the bank’s fake accounts controversy, officials announced Thursday in Washington.
Federal regulators said they decided to end the disciplinary actions after Wells Fargo completed almost ten years of operational reforms. The enforcement measures, which began in 2018, included an unusual restriction on the bank’s asset growth that was removed in 2025.
Wells Fargo offered no comment on the Federal Reserve’s decision other than confirming the enforcement action had been terminated.
The removal of the asset growth restriction represents a significant victory for Wells Fargo, which faced limitations on expansion for seven years under the Federal Reserve’s penalty – the first such measure of its kind implemented by the central banking system.
Thursday’s announcement represents the complete end of all additional regulatory oversight that was placed on Wells Fargo after its extensive sales misconduct crisis, during which bank workers opened millions of customer accounts without authorization.
