"The asset cap d definitely held Wells Fargo back," Marinac said. "But the company was forced to be creative in how it made money and that will serve them well in the future." Mar

The U.S. Federal Reserve announced late on Tuesday that Wells Fargo will no longer have to operate under a $1.95 trillion asset cap the regulator imposed on the bank in 2018 following its long-running sales practices scandal.

The Federal Reserve said Tuesday that Wells Fargo is no longer subject to the restraints the Fed placed on the bank in 2018 for having a toxic sales and banking culture.