The lenders have also faced problems with a malfunctioning Small Business Administration system needed to authorize the loans and as of Tuesday said they still lacked the needed SBA documentation to close out loans and issue money to borrowers.
Aren't Wells Fargo and Deutsche Bank linked?
Finally, the Federal Reserve has finally done some to help Wells Fargo's many American customers take part in the new Congressional commitment for government-backed loans to small and medium-sized businesses. I'm sure they will assist all customers with their individual benefits.
This bank should have been closed and never reopened.
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Federal Reserve Will Lift Asset Cap On Wells Fargo For Small Business Stimulus LoansThe Federal Reserve will allow Wells Fargo to temporarily exceed the asset cap that it had imposed on the bank in 2018 to allow it to participate in the emergency small business stimulus loan program by theothersarahh theothersarahh Wells Fargo is trash tho they’ll probably end up doing 1000x more harm than good theothersarahh same Wells Fargo that was up Shit Creek a few years back? greattttt. 👉😕 theothersarahh Wells Fargo is NOT a small business why are they allowing them to suck at the tax payers hard earned money AGAIN?
Source: Forbes - 🏆 394. / 53 Read more »
Federal Reserve Will Lift Asset Cap On Wells Fargo For Small Business Stimulus LoansThe Fed imposed the cap in 2018 after Wells Fargo's fake account scandal. Thanks to all the lobbying so they are back where they were earlier! Its the right time, we need to change the system. Or just ban them from participating. These loans will result in massive revenue being generated for the banks. They will see sharp upticks in quarterly profits and related dividends and bonuses. Why not bar a cheating bank from benefitting?
Source: Forbes - 🏆 394. / 53 Read more »
Wells Fargo forced to close loan applications due to asset cap - Business InsiderWells Fargo's lending limitations will curb its ability to benefit from facilitating SBA loans, especially given the massive volume of loan applications I have questions about this. Isn't their 'asset cap' totally separate from any monies they get under the relief program? Are they using the money to cover other problems?
Source: BusinessInsider - 🏆 729. / 51 Read more »
The Fed is lifting Wells Fargo's asset cap so it can help lend to small businessThe Fed had imposed the restrictions following the bank's fake account scandal in which it created millions of accounts for customers without their knowledge. The same Wells Fargo that FRAUDULENTLY opened accounts for it's own customers?...... 👍 Initial pop...then everyone saying 'wait, how bad was their balance sheet?' Aren’t these the crooks that were making fraudulent accounts and stealing from customers? Bad move.
Source: CNBC - 🏆 12. / 72 Read more »