Wells Fargo in the United States has been embroiled in a series of scandals and missteps for at least half a decade. See the Wells Fargo Account Fraud Scandal for some details.
It got to such a point where the Federal Reserve in Feb 2018 froze Wells Fargo's asset level.
Assets for a bank are loans and other obligations where the bank makes money. Savings & checking accounts for a bank are actually debts, as the customer owns the money.
While banking is a regulated industry, the number of inquiries, violations and settlements meant that the Board of Governors of the Federal Reserve has to state in: https://www.federalreserve.gov/newsevents/pressreleases/files/enf20180202a1.pdf
Limits on Growth
As of the last day of the first full calendar quarter following the date of
this Order and the last day of each quarter thereafter, WFC shall not, without the prior written
approval of the Reserve Bank, with the concurrence of the Director of the Division of
Supervision and Regulation, take any action that would cause the average of WFC’s total
consolidated assets reported in line 5 of Schedule HC-K to the form FR Y-9C (Consolidated
Financial Statements for Holding Companies) for the current calendar quarter and the immediate
preceding calendar quarter to exceed the total consolidated assets reported as of December 31,
2017, in line 12 of Schedule HC to the form FR Y-9C (Consolidated Financial Statements for
Holding Companies).
As you have found out, Wells Fargo in the United States is still operating under these conditions.
And you have noted that the Fed temporarily and narrowly modified the growth restriction on Wells Fargo for Paycheck Protection Program while keeping the rest of the restrictions in place.
