The new chairman of the Federal Reserve Board of Governors has provided some insight into when the central bank might lift growth restrictions on Wells Fargo & Co.

Jerome H. Powell, who was sworn in as Fed chairman last month, appeared Thursday before the Senate Committee on Banking, Housing and Urban Affairs.

One of Wells Fargo harshest critics, Sen. Elizabeth Warren (D-Massachusetts), grilled Powell about what Wells Fargo has to accomplish before removal of the restrictions, which were ordered of Feb. 5.

Source: Mortgage Daily