The Federal Reserve eased the punitive growth restrictions it placed on Wells Fargo after a raft of consumer abuse scandals, allowing the giant bank to offer government-backed loans to small and medium-sized businesses
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.
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Shelia Bair on why Wells Fargo should be let off hook to allow more loansFormer FDIC Chair Shelia Bair joins 'Closing Bell' on why regulators should step in and Wells Fargo should be given latitude to make loans under the CARES Act.
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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
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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.
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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
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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.
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