The consent order required an unprecedented restriction on growth, known as an asset cap, until Wells Fargo showed that it improved its governance and risk management. It was the

Wells Fargo on Thursday moved a step closer to getting its asset cap lifted after a top U.S. regulator lifted a 2015 punishment on the bank, leaving it with one more major hurdle to clear.

The San Francisco-based bank had long sought the move that was holding back its growth. Its CEO called it a “pivotal milestone.”