Fed's Quarles will recuse himself from participating in matters specific to Wells Fargo

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.

Quarles is President Donald Trump's choice to oversee the national banking system, and the first-ever vice chair for supervision. He has been vocal about rolling back regulations put in place following the 2007 recession.

Quarles declared owning more than $1 million in Wells Fargo stock in June. He sold his holdings following his confirmation, according the statement.

The former undersecretary of the Treasury will continue to oversee policies and rules related to banking generally, according to the Fed's statement.