A significant 2015 consent order was lifted by the U.S. Office of the Comptroller of the Currency (OCC), which moved Wells Fargo & Company (NYSE:WFC) closer to removing its $1.95 trillion asset cap.
A team of bankers in suits, discussing the success of the company’s banking products.
Significant regulatory progress has been made under CEO Charles Scharf, as evidenced by the closing of the seventh regulatory enforcement order in 2025 and the thirteenth since 2019. The Federal Reserve’s 2018 consent order, which is linked to changes in governance and controls, is the last obstacle.
Wells Fargo & Company (NYSE:WFC) has experienced regulatory attention since its 2016 fake accounts scandal, which resulted in billions of dollars in fines and an unprecedented asset cap imposed by the Federal Reserve in 2018.
This week witnessed the lifting of the OCC order about its former financial subsidiaries.
Scharf, who took office in 2019, has implemented measures that experts such as Stephen Biggar of Argus and Chris Marinac of Janney Montgomery Scott believe are significant. After limitations are lifted, the bank plans to expand its market operations and wholesale deposit base.
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