The Federal Reserve Board on Thursday confirmed the termination of a 2018 consent order against Wells Fargo (WFC).
Under the 2018 enforcement action, the bank was required to demonstrate improvements to its governance and risk management program and complete two third-party reviews of the improvements.
Also, the regulator had imposed an asset cap, which was removed in 2025.
The consent order was placed on the company in punishment for the fake-account scandal and other deceptive sales practices that came to light in 2016.
The banking giant is said to have pursued a business strategy that prioritizes growth without ensuring appropriate management of all key risks. Wells Fargo did not have an effective firm-wide risk management framework in place that covered all key risks.
In response, the board had said it will restrict growth of the firm until WFC sufficiently improves its governance and controls.
The 2018 consent order was the only remaining consent order against the San Francisco-based bank.
https://seekingalpha.com/news/4561367-fed-board-ends-2018-enforcement-action-against-wells-fargo