Fed Modifies Wells Fargo's Asset Cap
The Federal Reserve has temporarily modified the asset cap it placed on Wells Fargo (NYSE: WFC) two years ago so the bank can make small-business loans as the government tries to ease the effects of the coronavirus pandemic. Wells Fargo is one of the nation's top small-business lenders.
The asset cap was one punishment handed down following a sweeping scandal in which Wells Fargo created millions of fraudulent accounts. The Fed limited the bank to $1.95 trillion in assets until it fixed internal controls -- a limit it had nearly reached by the end of last year.
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Source Fool.com
