By Nupur Anand NEW YORK (Reuters) -Wells Fargo is in the last stages of a process to pass regulatory tests to lift a $1.95 trillion asset cap next year after fixing problems from its fake accounts scandal,

Wells Fargo (NYSE:WFC) stock gained 2.5% in Tuesday premarket trading after a media report that the asset cap placed on the bank almost seven years ago is likely to be lifted in 2025. The company is in the last stages of a process to pass regulatory tests to remove a $1.

The Federal Reserve must not remove Wells Fargo's $1.95 trillion asset cap until the bank has fixed its risk management and compliance issues, top Democratic Senator Elizabeth Warren told the U.S. central bank on Wednesday.

Wells Fargo has submitted a third-party review to the Federal Reserve to lift a $1.95 trillion asset cap imposed after the 2016 fake accounts scandal. Read more here.

The bank’s OCC order, citing anti-money laundering deficiencies, and a court case over alleged sham interviews prove Wells hasn’t changed sufficiently, the senator wrote in a letter to central bank officials.

Wells Fargo (NYSE:WFC) is nearing the final stages of meeting regulatory requirements to lift the $1.95 trillion asset cap imposed after its fake accounts scandal, Reuters reported Tuesday, citing three sources with knowledge