Wells Fargo asset cap more likely to be lifted subsequent 12 months

26 November 2024, 8:11 am 1 minute

Wells Fargo is within the final levels of a course of to go regulatory assessments to carry a $1.95 trillion asset cap subsequent 12 months after fixing issues from its faux accounts scandal, three sources acquainted with the state of affairs told Reuters.

Why it issues

The asset cap is seen as one of many hardest punishments that U.S. regulators can put in place, and its elimination requires a vote by the Fed’s board of governors. Lifting the restrictions can be a serious step ahead for the financial institution’s cleanup efforts. For the reason that scandal emerged in 2016, it has been fined billions of {dollars} and slapped with a raft of regulatory punishments, a few of that are nonetheless in place.

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