After Wells Fargo & Co. put a limit on its financial help for small businesses hit by the coronavirus, the Federal Reserve Board on Wednesday agreed to loosen its leash on the bank so that it can loan more. The bank immediately expanded its participation in the Paycheck Protection Program.

Before Wednesday, the government counted any coronavirus-related loan against the bank’s growth cap. The Fed imposed the cap on San Francisco-based Wells Fargo in 2018 as part of an enforcement action over numerous compliance failures and scandals, including opening millions of fake bank accounts.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]