Wells Fargo asset cap axed by Fed after ‘substantial progress' from fake accounts scandal
1. Federal Reserve removed $1.9 trillion asset cap on Wells Fargo. 2. This ends nearly a decade of regulatory issues for the bank. 3. Removal allows Wells Fargo to pursue growth in loans and business deals. 4. Wells Fargo stock rose over 2% after the announcement. 5. Regulatory scrutiny will still apply despite the removal.