The Federal Reserve Board terminated its enforcement action against Wells Fargo, the OCC approved a new national bank charter for Revolut Bank US, and federal banking agencies issued joint guidance clarifying the capital treatment of tokenized securities — a trio of landmark regulatory developments headlining 229 events tracked across all verticals on Wednesday.
Wells Fargo Enforcement Action Ends
The Federal Reserve Board announced the termination of its enforcement action against Wells Fargo, marking a significant milestone for the nation's fourth-largest bank by assets. The original enforcement action was among the most consequential supervisory actions in modern banking history, imposed after the bank's widespread fake-accounts scandal that resulted in billions of dollars in fines and the departure of multiple senior executives.
The termination signals that the Fed has determined Wells Fargo has addressed the deficiencies that led to the action. For the bank's shareholders and management, this removes a regulatory overhang that has constrained the institution's operations and growth. Market participants will be watching whether the termination also signals relief from the asset cap that the Fed imposed as part of its broader enforcement framework.
Revolut Receives National Bank Charter
In what may be the most consequential fintech-banking development of the quarter, Revolut Bank US NA received a new bank charter from the Office of the Comptroller of the Currency. The London-headquartered fintech company has been pursuing a U.S. banking license for years, and the OCC's approval represents a major step in Revolut's strategy to offer full banking services to its American customer base.
A national bank charter gives Revolut the ability to accept FDIC-insured deposits, originate loans, and operate across state lines without the patchwork of state-by-state licensing that most fintechs navigate. The charter also subjects Revolut to the full weight of OCC supervision, capital requirements, and compliance obligations that apply to national banks.
Agencies Clarify Tokenized Securities Capital Treatment
Federal banking agencies issued joint guidance clarifying how banks should treat tokenized securities for regulatory capital purposes. The guidance, released simultaneously by multiple agencies, addresses a growing area of interest as traditional financial institutions explore blockchain-based representations of conventional securities.
The capital treatment of tokenized assets has been a source of uncertainty for banks considering digital asset strategies. Clear guidance on whether tokenized versions of securities receive the same capital treatment as their traditional counterparts removes a significant barrier to institutional adoption.
FDIC Publishes CRA Examination List
The FDIC issued its list of banks examined for Community Reinvestment Act compliance. CRA examinations evaluate how well banks serve the credit needs of their communities, particularly low- and moderate-income areas. The publication of examination results is routine but closely tracked by community organizations, regulators, and banks themselves as a measure of community investment performance.
Two More Brokers Barred Under Rule 8210
FINRA barred two additional individuals for refusing to cooperate with investigations. Rauf was barred in all capacities for refusing to produce information and documents requested under Rule 8210, and Cohen was barred for refusing to appear for on-the-record testimony, according to cases 2025088422001 and 2025088109801 respectively. March has now seen multiple Rule 8210 bars, reinforcing FINRA's zero-tolerance approach to non-cooperation.
Leadership Changes Across Broker-Dealers
M&T Securities Inc. (CRD: not disclosed) in Baltimore promoted Alexsandra Remorenko from Chief Compliance Officer to President, a significant elevation that puts a compliance professional at the top of the bank-affiliated dealer. Alto Securities LLC in Nashville saw CEO Scott Michael Harrigan depart, with CCO Domenic Miele adding CEO to his title — another example of the role consolidation trend at smaller broker-dealers. Ashford Securities LLC in Dallas lost its CEO, Carl Jacob Steigerwald III.
New Firms and Closures
Eleven new advisory firms registered with the SEC, including four entering the 120-day provisional period. Six firms closed their registrations. One firm rebranded. The net positive flow of five new firms continues the RIA channel's steady expansion.
Across the Wire
The day's 229 events also included 37 broker-dealer registration changes — the highest single-day count in March — along with 47 FOCUS report filings, 25 disclosure events, 12 advisor moves, and eight RIA graduations. The OCC processed branch closings at BMO Bank NA, Bank of America NA, and U.S. Bank NA, while approving fiduciary powers for New Horizon Bank NA and a business combination for Fifth Third Bank NA.
All data sourced from Federal Reserve, OCC, FDIC, FINRA, SEC EDGAR, and the Finleet Terminal as of March 5, 2026. Entity profiles are available at terminal.finleet.com.