The Federal Reserve Board on March 5 announced it is terminating its 2018 enforcement action against Wells Fargo after determining that the bank had met all of the required conditions imposed on it following a fake accounts scandal dating back to 2016.
Under the enforcement action, the bank was required to show improvements to its governance and risk-management program, as well as complete two third-party reviews of those improvements. The original enforcement action also imposed an asset cap, which was removed in 2025 when the firm satisfied the conditions for removal.
