Fed Eases Wells Fargo's Asset Cap to Lend to Small Businesses Harmed by Coronavirus
April 08 2020 - 12:05PM
Dow Jones News
By Andrew Ackerman
The Federal Reserve on Wednesday said it would temporarily ease
its asset cap on Wells Fargo & Co. to encourage the bank to
lend to small businesses harmed by the outbreak of coronavirus.
The central bank said it would "temporarily and narrowly modify
the growth restriction on Wells Fargo so that it can provide
additional support to small businesses."
Wells Fargo has faced restrictions on its balance sheet growth
for more than two years, the result of widespread compliance
failures at the lender.
Write to Andrew Ackerman at andrew.ackerman@wsj.com
(END) Dow Jones Newswires
April 08, 2020 11:50 ET (15:50 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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