Since taking over in 2019, Scharf’s goal has been to convince the Federal Reserve that Wells Fargo had fixed its toxic banking practices. With the asset cap removed, the bank can now pursue more deposits, new accounts and take on additional investment banking businesses by holding additional securities on its balance shet.

The Federal Reserve said it has removed restrictions it had placed on Wells Fargo, the prominent San Francisco bank that has sought to move past a series of scandals in the last decade.

For seven years, the bank was forbidden to grow as punishment for misconduct including creating fraudulent bank accounts and mistakenly seizing homes.