Fed unshackles Wells Fargo : The troubled bank can temporarily lend more to small businesses [CNNMoney.com]
Wells Fargo & Company (WFC)
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Source: CNNMoney.com
Fed (temporarily) takes the shackles off Wells Fargo, freeing it to help small businesses New York (CNN Business) The Federal Reserve is temporarily letting Wells Fargo out of the penalty box, freeing the troubled bank to aggressively lend to small businesses struggling to survive the coronavirus crisis. The Fed said in a statement Wednesday it is easing the growth restrictions , first imposed on Wells Fargo ( WFC ) in 2018, because of the "extraordinary disruptions from the coronavirus." The change will allow Wells Fargo to participate only in emergency programs designed to help companies harmed by the health crisis, including a forgivable loan program for small businesses. The Fed said the so-called asset cap will be snapped back on once those emergency programs are inactive. In response, Wells Fargo said it will immediately expand its participation in the forgivable loan program, known as the Payroll Protection Program , by offering loans to a broader set of small busines
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WFC
Earnings
- 4/12/24 - Beat
WFC
Sec Filings
- 5/7/24 - Form 424B2
- 5/7/24 - Form 424B2
- 5/6/24 - Form 424B2
- WFC's page on the SEC website