Wells Fargo Free of Consent Orders for First Time in 15 Years

Atop Wells Fargo & Co., Chief Executive Officer Charlie Scharf has achieved something that eluded the bank for at least 15 years: zero outstanding public consent orders.

The Federal Reserve said Thursday that it terminated the last one, which was issued in 2018 alongside a restriction that prohibited Wells Fargo from growing beyond its asset size at the end of 2017. The Fed lifted that cap last June.

CEO Charlie Scharf

Photographer: Michael Nagle/Bloomberg

Wells Fargo demonstrated that its remediation work to improve governance and risk management, which spanned nearly a decade, had been effective, the Fed said in a statement. The bank ...