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?
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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?
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