Wells Fargp says asset cap limits paycheck protection lending; bank already reached loan capacity
(WorldNews Business)

Wells Fargo & Co. has confirmed industry speculation about its approach to provide up to $10 billion in loans through the federal Payment Protection Program initiative. The bank said the $1.93 trillion asset cap placed by the Federal Reserve - in response to the fraudulent customer account scandal that surfaced in September 2016 - has led it to focus efforts on lending to nonprofits and small businesses with fewer than 50 employees. Eligible nonprofits are those that focus on serving small businesses. The overall $350 billion program, which began Friday with major online processing hiccups for many lenders, allows for loans to...