It was later revealed that Wells Fargo opened up roughly 3.5 million accounts that were not wanted or needed by customers.Wells Fargo, once thought to be the best run bank in the country, was now the poster child of the worst practices of banking in decades.In order to push Wells to fix itself, the Federal Reserve took the unusual step of placing Wells Fargo in a program where the bank could grow no larger than it was in 2018. No bank had previously been placed into such a program, known as an asset cap. The Fed required Wells to fix its culture and redo its entire risk and compliance departments in order to address its problems.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 sheet.