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Federal Reserve Will Lift Asset Cap On Wells Fargo For Small Business Stimulus Loans

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The Fed imposed the cap in 2018 after Wells Fargo's fake account scandal.

to temporarily exceed the asset cap that it had imposed on the bank in 2018 in order to allow it to participate in the emergency small business stimulus loan program.

“Due to the extraordinary disruptions from the coronavirus, the Federal Reserve Board on Wednesday announced that it will temporarily and narrowly modify the growth restriction on Wells Fargo so that it can provide additional support to small businesses,” the Fed said in a statement. Wells Fargo will only be allowed to exceed the cap to make loans as part of the Paycheck Protection Program under the CARES Act and as part of the Fed’s forthcoming Main Street Lending Program.

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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?

Thanks to all the lobbying so they are back where they were earlier! Its the right time, we need to change the system.

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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?
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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.
Källa: CNBC - 🏆 12. / 72 Läs mer »