The Fed’s restrictions were part of an enforcement action tied to Wells Fargo’s creation of millions of unauthorized bank accounts.

Federal regulators on Tuesday lifted Wells Fargo's $1.95 trillion asset cap punishment that had prevented the bank from growing for the past seven years. The Federal Reserve determined that Wells Fargo has met all the conditions required by the 2018 enforcement action for removal of the growth restriction,

The Federal Reserve has lifted restrictions imposed on Wells Fargo's growth seven years ago following a series of scandals, including one where staff set up fake accounts.