The asset cap requirement for Wells Fargo is expected to be lifted next year
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Wells Fargo's asset cap requirement may be lifted in 2025. Following this news, the stock rose nearly 3% in pre-market trading. The bank is in the final stages of passing regulatory tests to lift the $1.95 trillion asset limit. The Federal Reserve imposed restrictions on it in 2018 due to its involvement in a fake accounts scandal in 2016. Although Wells Fargo has taken steps to improve governance and risk management, U.S. Senator Warren stated that the asset cap cannot be lifted until risk management and compliance issues are addressed
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