Wells Fargo & Co. finally escaped a Federal Reserve asset cap that has restricted its size for more than seven years, unleashing the firm from the unprecedented punishment in a major win for Chief Executive Officer Charlie Scharf.

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.

Elizabeth Warren and Rep. Maxine Waters, prominent Democrats who sit on influential congressional finance committees, called on the Federal Reserve to walk back the decision it made this week to lift the sweeping growth restriction it placed on Wells Fargo seven years ago.