From Yahoo Finance: 2025-05-30 00:15:00

Wells Fargo is closer to removing its $1.95 trillion asset cap as the OCC lifted a significant 2015 consent order. CEO Charles Scharf’s regulatory progress includes closing the seventh order in 2025 and the last obstacle being the Federal Reserve’s 2018 consent order. The bank plans to expand market operations post limitations.

The lifting of the OCC order on Wells Fargo’s financial subsidiaries was witnessed this week. CEO Scharf’s measures are deemed significant by experts like Stephen Biggar and Chris Marinac, paving the way for market expansion and wholesale deposit base growth once limitations are removed.

Wells Fargo has faced regulatory scrutiny since the 2016 fake accounts scandal, resulting in fines and a Federal Reserve-imposed asset cap in 2018. The recent progress made under CEO Charles Scharf has led to the removal of the seventh regulatory enforcement order in 2025, with the Federal Reserve’s 2018 order being the final hurdle.

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Read more: Wells Fargo Approaches End of Asset Cap as OCC Lifts 2015 Consent Order