04:23 PM EST, 02/11/2025 (MT Newswires) -- (Corrects first paragraph to show WFC's remaining consent orders are unrelated to a cap on assets imposed by the Federal Reserve.)

Wells Fargo ( WFC ) still has five consent orders to resolve, Wells Fargo ( WFC ) Chief Financial Officer Mike Santomassimo said Tuesday at a banking industry conference, as the company remains under a $1.95 trillion asset cap that's kept a lid on growth for the company since 2018.

Wells Fargo ( WFC ) has closed nine of the consent orders issued by regulators in recent years in response to various missteps by the bank with its lending and sales practices, including three since Jan. 28, according to a transcript of remarks by Santomassimo at the UBS Financial Services Conference.

"That's obviously the easiest way to show the progress is to see those consent orders go away," he said. "So hopefully, that's a good indicator."

In addition to its sanctions, the Federal Reserve also imposed a $1.95 trillion asset cap on Wells Fargo ( WFC ) in 2018, which will require a vote by the Fed's Board of Governors before it can be removed.

Santomassimo did not say how soon he expects the bank to resolve the remaining orders but said "we are working with the right sense of urgency around it."

WFC shares were edging 0.8% higher in recent trading.