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.

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