Wells Fargo & Co. on Tuesday cleared a major obstacle to its growth plans, opening the way for the bank to grow after years of restrictions related to its fake-accounts scandal.

(Reuters) -Shares of Wells Fargo rose nearly 3% in premarket trading after the U.S. Federal Reserve lifted a longstanding cap on its assets, marking a crucial milestone in the bank's push to rebuild its reputation and grow further.

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.