The lawmakers criticized the regulator for a lack of specificity in its public notice about why removing a limit on the amount of assets the bank of assets can hold was warranted

The Federal Reserve has lifted restrictions imposed on Wells Fargo's growth seven years ago following a series of scandals, including one where staff set up fake accounts.

(Reuters) -The U.S. Federal Reserve announced on Tuesday that Wells Fargo will no longer have to operate under a $1.95 trillion asset cap the regulator imposed on the bank in 2018 following its long-running sales practices scandal.