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.

In the scandal’s wake, the Federal Reserve imposed an unprecedented $1.95 trillion asset cap, the most significant of the many penalties Wells Fargo faced from regulators. For over seven years, the bank was essentially shackled in place while watching as rivals like Charlotte-based Bank of America continued to grow.