Federal Reserve terminates Wells Fargo enforcement action

The Federal Reserve in the United States has officially terminated a long-standing enforcement action against Wells Fargo & Company. This decision follows years of regulatory oversight initiated after the bank's widespread fake accounts scandal. The central bank announced on Thursday that the financial institution has sufficiently overhauled its internal operations. This move marks the end of nearly a decade of remediation work by Wells Fargo to address systemic issues that came to light during the scandal. The 2018 enforcement action included an unprecedented asset cap that restricted the bank's growth. While the central bank had already lifted that specific asset cap in 2025, the termination of the remaining enforcement action signals a final regulatory approval of the bank's recovery efforts.