The Federal Reserve Board announced Friday that Vice Chairman Randal Quarles recused himself from any matters concerning Wells Fargo.
The Fed cited the banker's "family's prior sale of their interest in a bank to Wells Fargo."
Wells Fargo acquired Salt Lake City-based First Security Corp. in 2000 in a deal worth about $3 billion in stock. The deal provided Quarles's wife's family with a significant stake in the bank.
In a statement, the Fed said that the action is voluntary and not legally required.