Regulators' decision to lift a seven-year-old cap on the size of the megabank's balance sheet will produce benefits over the long haul, but it won't result in any sudden gains, according to CFO Michael Santomassimo.

The San Francisco-based bank was long hamstrung by a regulatory order that kept it under $1.95 trillion of assets. Now Wells can hit the gas on business lines it had kept idle.

In April 2025, the bank admitted that it may have made a mistake in denying the plaintiff forbearance.

In the megabank's latest sign of progress with regulators, it said that a 7-year-old CFPB order has been terminated.

The notes will get credit enhancement from balances on the subordinate bonds, which are permitted to amortize.

The San Francisco bank announced Monday that it has shed its fifth regulatory order this year — this one related to loss mitigation practices in its home lending business.

The Federal Reserve Board lifted two enforcement actions against the megabank dating back to 2011. But the Fed's seven-year-old asset cap remains in effect.

The Federal Reserve terminated two mortgage-related enforcement actions against Wells Fargo & Co. from more than a decade ago, the central bank said Tuesday.

Wells Fargo CEO Charlie Scharf validates some of the optimism, telling analysts he feels "really great about our progress." But he said executives "don't want to get ahead of ourselves."

As the flames continued to spread, banks closed more branches while others donated to relief efforts.