Wells Fargo Sends Review to Federal Reserve

(Reuters) – Wells Fargo has submitted a third-party review to the Federal Reserve concerning its risk and control reforms. This action aims to lift an asset cap imposed by regulators, as reported by Bloomberg News on Thursday, citing knowledgeable sources.

The bank is currently constrained by a $1.95 trillion asset cap, barring it from growth until it resolves issues stemming from the 2016 fake accounts scandal.

Additionally, Wells Fargo is addressing eight ongoing regulatory penalties, known as consent orders.

Wells Fargo opted not to provide a comment.