In the scandal’s wake, the Federal Reserve imposed an unprecedented $1.95 trillion asset cap, the most significant of the many penalties Wells Fargo faced from regulators. For over seven years, the bank was essentially shackled in place while watching as rivals like Charlotte-based Bank of America continued to grow.

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

Wells Fargo confirmed that the Board of Governors of the Federal Reserve System has determined that Wells Fargo has met all conditions required to remove the limits on growth in total assets imposed in its 2018 consent order.