Fed terminates enforcement action imposed on Wells Fargo due to fake accounts scandal

Wells Fargo & Co

05/03/2026 16:00

WASHINGTON, March 5 (Reuters) - The U.S. Federal Reserve announced Thursday that it had terminated the enforcement action it imposed on Wells Fargo following the bank's widespread fake accounts scandal, saying the bank had sufficiently overhauled its operations.

The central bank said it was lifting the action after nearly a decade of remediation work by the bank. The 2018 action included the unprecedented asset cap on the bank's growth, which was lifted in 2025.

 (Reporting by Pete Schroeder)

 ((pete.schroeder@thomsonreuters.com))