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April 8, 2020, 11:31 a.m. EDT

Fed temporarily lifts Wells Fargo's asset cap so bank can lend to small businesses

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By Greg Robb

WFC

The Federal Reserve announced Wednesday that it was temporarily lifting Wells Fargo's asset cap so that the bank can provide loans to small businesses. The change will only allow the bank to make loans under the Paycheck Protection Program designed for small bank's and the Fed's Main Street Lending Program for medium-sized banks that is not yet operational. The change is in place as long as the facilities are active. The growth restrictions on Wells Fargo /zigman2/quotes/203790192/composite WFC +5.22% were a penalty after it was revealed Wells Fargo employees were opening up bank accounts for customers without their knowledge.

/zigman2/quotes/203790192/composite
US : U.S.: NYSE
$ 28.83
+1.43 +5.22%
Volume: 50.81M
June 3, 2020 4:00p
P/E Ratio
10.18
Dividend Yield
7.08%
Market Cap
$118.20 billion
Rev. per Employee
$392,114
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