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

(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.

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

Wells Fargo declined to comment.