Fed eases limit on Wells Fargo to make more small biz loans

Fed eases limit on Wells Fargo to make more small biz loans

The Federal Reserve is lifting its lending restrictions on Wells Fargo after some of the bank’s thousands of small business customers were shut out of a program that’s supposed to throw them a financial lifeline. The announcement prompted the bank to announce it was expanding its participation in the small business rescue program after initially restricting its lending capacity at $10 billion.

KCooper
KCooper
Tim
Tim 1 months

This has a lot of good and bad aspects to it. WF should still be punished for their dealings in the past, but the great access to loans for smaller businesses is needed. My biggest problem is the vague wording in the statement that the Fed released, basically just saying they are making disincentives for WF to open new accounts to funnel money. I would have liked to see specifics on their plan. Overall, I dont think Wells Fargo can be trusted without strict guidelines.

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