Fed: Wells Fargo no longer subject to asset growth restriction
Summary
A press release of the Board of Governors of the Federal Reserve System dated June 3, 2025, announcing that Wells Fargo is no longer subject to the asset growth restriction from the Board's 2018 enforcement action against the bank. It states that the Federal Reserve determined that Wells Fargo has met all the conditions required by the 2018 enforcement action for removal of the growth restriction. Under that action, the bank was required to improve its governance and risk management program, and complete a third-party review of these improvements. The release states that the other provisions will remain in place, under the 2018 enforcement action, until the bank satisfies the requirements for their termination.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
Archived web capture. Preserved source — captured from www.federalreserve.gov; archived 2026-07-04.
Cited in: How Much Did Wells Fargo Make From Pandemic Relief? · Charlie Scharf · Wells Fargo Bank, N.A.
Cite this document
“Fed: Wells Fargo no longer subject to asset growth restriction.”
Original at www.federalreserve.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/enforcement20250603a-htm-48589752021231e1-c28bce7f5b/
, SHA-256 3ca9a5f5d51d3c61c4ccbdd721d24e304056dd2831e289bd4b732a7b4266fc6f.Full text
Board of Governors of the Federal Reserve System Press Release June 03, 2025 Federal Reserve announces Wells Fargo is no longer subject to the asset growth restriction from the Board’s 2018 enforcement action against the bank For release at 4:00 p.m. EDT The Federal Reserve on Tuesday announced that Wells Fargo is no longer subject to the asset growth restriction from the Board's 2018 enforcement action against the bank. The Federal Reserve determined that Wells Fargo has met all the conditions required by the 2018 enforcement action for removal of the growth restriction. Under the 2018 enforcement action, the bank 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 Federal Reserve has completed its review of the bank's remediation efforts and required third-party assessments, and has completed its own assessment of Wells Fargo's corporate governance and firmwide risk management programs. The removal of the growth restriction reflects the substantial progress the bank has made in addressing its deficiencies and that the bank has fulfilled the conditions required for removal of the growth restriction. The other provisions in the 2018 enforcement action will remain in place until the bank satisfies the requirements for their termination. For media inquiries, please email [email protected] or call 202-452-2955. Related Content Last Update: June 03, 2025
File and source
- File
- enforcement20250603a.htm_48589752021231e1.html
- Size
- 85,219 bytes
- SHA-256
- 3ca9a5f5d51d3c61c4ccbdd721d24e304056dd2831e289bd4b732a7b4266fc6f
- Original
- www.federalreserve.gov