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Wells Fargo sends Fed crucial review for lifting asset cap, Bloomberg News reports

Published 09/26/2024, 10:48 AM
Updated 09/26/2024, 10:52 AM
© Reuters. FILE PHOTO: Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon/File Photo
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(Reuters) - Wells Fargo has sent the Federal Reserve a third-party review of its risk and control overhauls as it looks to shed an asset cap imposed by the regulator, Bloomberg News reported on Thursday, citing people familiar with the matter.

The bank operates under a $1.95 trillion asset cap that prevents it from growing until regulators deem it has fixed problems dating back to the fake accounts scandal uncovered in 2016.

© Reuters. FILE PHOTO: Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon/File Photo

It still has eight regulatory punishments, called consent orders, that it is working to address.

Wells Fargo declined to comment.

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