据了解，美联储在2018年对富国银行施加了资产限制，以惩罚该银行，此前该银行在2016年披露，未经客户许可，开设了数百万个虚假账户以实现销售配额。According to reports, the asset cap requirement of Wells Fargo & Co may be lifted by 2025.
According to reports, the asset cap requirement of Wells Fargo & Co (WFC.US) may be lifted by 2025, boosting the stock by nearly 3% in pre-market trading on Tuesday.
Insiders have indicated that the bank is in the final stages of regulatory testing to remove the $1.95 trillion asset cap, possibly as early as the first half of 2025.
It is understood that the Fed imposed asset restrictions on Wells Fargo & Co in 2018 to penalize the bank, after it was revealed in 2016 that the bank had opened millions of fake accounts without customer consent to meet sales quotas.
The company was also fined billions of dollars for this scandal and other actions that violated consumer rights, and was ordered to strengthen governance and risk management controls.
Wells Fargo & Co, the Fed, and the Federal Reserve Bank of San Francisco have declined to comment on the matter.
Charlie Scharf was appointed CEO of Wells Fargo & Co in 2019, tasked with meeting regulatory requirements and terminating the consent decree against the company.
In February of this year, the USA Monetary Control Agency terminated the consent decree related to the 2016 fake account scandal. The decree required the bank to completely reform the way it provides and sells products and services to consumers, and take additional measures to protect its customers and employees.
In September, reports stated that wells fargo & co had submitted a risk and control review report to the Federal Reserve, which is an important step towards lifting the asset cap. However, earlier that month, the USA Monetary Control Agency took enforcement action against the bank citing deficiencies in its financial crime risk management practices and anti-money laundering internal controls.
Furthermore, US Senator Warren wrote a letter on Monday to Federal Reserve Chair Powell and Vice Chair Quarles responsible for bank regulation, stating that the asset cap requirement of 1.95 trillion USD for wells fargo & co cannot be lifted until the bank resolves its risk management and compliance issues.
