The Federal Reserve lifts Fubon Bank's asset cap rule after over seven years, causing the stock price to soar.

Wells Fargo finally escapes the limitation on assets set by the Federal Reserve. The company's size has been restricted for over seven years due to this regulation, and now it has overcome this unprecedented punishment, which is a major victory for CEO Charlie Scharf. The bank's stock price surged. The Federal Reserve stated in a statement on Tuesday that Wells Fargo has met all the conditions to lift the restrictions imposed in 2018 as part of an enforcement action. The Federal Reserve indicated that it has completed a review of Wells Fargo's remedial measures and third-party evaluation, as well as an assessment of the bank's corporate governance and risk management plans. In response to this news, Wells Fargo's stock price surged more than 10% after the regular trading session closed in the United States, rising about 2.8% at the time of writing.