The Federal Reserve levied an unprecedented penalty against Wells Fargo on Friday, blocking its ability to grow larger and pressuring the mega bank to replace four board members following widespread consumer abuses.

The surprisingly harsh consent order is the latest fallout from Wells Fargo’s admission more than a year ago that it had opened millions of sham accounts customers didn’t want. The agreement, which has been in the works for months, marks the first time that the Federal Reserve has placed limits on a bank’s assets.

Wells Fargo will not be allowed to grow its $1.95 trillion in assets until the Fed approves its remediation plan. The San Francisco bank will still be able to take deposits from customers and make loans, but cannot grow bigger through a merger or another major transaction until the Fed is satisfied the bank has sufficiently reformed itself.

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