Wells Fargo & Co.’s stock rose 3.5% on Thursday after a report that the bank has submitted a third-party review of its risk and control efforts as part of its move to lift a seven-year-old asset cap.

Wells Fargo & Co. has entered a key new phase of its almost seven-year effort to escape a Federal Reserve cap on its assets, a punishment that has become the most feared in banking.

Wells Fargo & Co.'s WFC longstanding battle to escape a Federal Reserve restriction imposed on its assets since 2018 entered a new phase. The bank submitted a third-party review of its risk and control overhauls to the Fed for scrutiny and approval,