Title: The Fed is modifying Wells Fargo's asset cap so it can help lend to small business URL Source: https://www.cnbc.com/2020/04/08/the-fed-is-lifting-wells-fargos-asset-cap-so-it-can-help-lend-to-small-business.html Published Time: 2020-04-08T15:30:25+0000 Markdown Content: [Skip Navigation](https://www.cnbc.com/2020/04/08/the-fed-is-lifting-wells-fargos-asset-cap-so-it-can-help-lend-to-small-business.html#MainContent) [![Image 4: CNBC logo](https://static-redesign.cnbcfm.com/dist/d6085c9e81f4d7365c8d.svg)](https://www.cnbc.com/) The Fed is modifying Wells Fargo’s asset cap so it can help lend to small business * [Livestream](https://www.cnbc.com/live-tv/) CREATE FREE ACCOUNT [Markets](https://www.cnbc.com/markets/) * [Pre-Markets](https://www.cnbc.com/pre-markets/) * [U.S. Markets](https://www.cnbc.com/us-markets/) * [Currencies](https://www.cnbc.com/currencies/) * [Prediction Markets](https://www.cnbc.com/prediction-markets/) * 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[PRO](https://www.cnbc.com/application/pro?__source=pro|globalnav|join&tpcc=pro|globalnav|join) ![Image 8: Join Pro](https://static-redesign.cnbcfm.com/dist/69ae09b80acd376e9c97.svg) [Livestream](https://www.cnbc.com/live-tv/) Menu [Finance](https://www.cnbc.com/finance/) # The Fed is modifying Wells Fargo’s asset cap so it can help lend to small business Published Wed, Apr 8 2020 11:30 AM EDT Updated Wed, Apr 8 2020 5:39 PM EDT ![Image 9: thumbnail](https://image.cnbcfm.com/api/v1/image/107136383-1666097431576-2022_Headshots-6927.jpg?v=1666097477&w=60&h=60&ffmt=webp) [Jeff Cox](https://www.cnbc.com/jeff-cox/)[@jeff.cox.7528](https://facebook.com/jeff.cox.7528)[@JeffCoxCNBCcom](https://twitter.com/JeffCoxCNBCcom) [WATCH LIVE](https://www.cnbc.com/live-tv/) Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email Key Points * In a move aimed at accelerating loans to small businesses, the Federal Reserve said it is lifting Wells Fargo’s asset cap. * The limit was put into place after the bank’s fake account scandal. * Under the order announced Wednesday, Wells will have to return any proceeds it gets to the Treasury or nonprofit agencies. ![Image 10: Fed to temporarily lift asset cap on Wells Fargo](https://image.cnbcfm.com/api/v1/image/106351987-1579803499561rts1hcz0.jpg?v=1695395420&w=750&h=422&vtcrop=y) watch now VIDEO 1:33 01:33 Fed to temporarily lift asset cap on Wells Fargo [Squawk Alley](https://www.cnbc.com/squawk-alley/) The Federal Reserve is modifying the asset cap it has imposed on Wells Fargo so the bank can participate in the government’s business lending programs. The change allows the bank to participate in the central bank’s business lending program without having it count against the $1.95 trillion cap that will remain in place. In a move that was expected, the central bank said Wells will have to return proceeds it gets from the Payment Protection Plan and a coming Main Street lending program either back to the Treasury Department or to a nonprofit. The Fed had imposed the restrictions following the bank’s fake account scandal in which it created millions of accounts for customers without their knowledge. Associates were under sales pressure in a program that Wells Fargo has since abandoned. [Wells Fargo](https://www.cnbc.com/quotes/WFC/) is the third-largest bank in the U.S. by assets, making its participation in the lending programs critical. ![Image 11: Shelia Bair on why Wells Fargo should be let off hook to allow more loans](https://image.cnbcfm.com/api/v1/image/106479212-cb200407sheilabair.jpg?v=1586291937&w=750&h=422&vtcrop=y) watch now VIDEO 6:54 06:54 Shelia Bair on why Wells Fargo should be let off hook to allow more loans [Closing Bell](https://www.cnbc.com/closing-bell/) Since the intensification of the coronavirus crisis, the Fed has implemented a variety of programs aimed at helping markets function and getting money to businesses and consumers. This move with Wells came “due to the extraordinary disruptions from the coronavirus” and “temporarily and narrowly modify the growth restriction on Wells Fargo so that it can provide additional support to small businesses.” The Main Street lending program announced earlier is geared specifically for businesses with more than 500 employees but less than larger corporations. Lifting the Wells asset cap “provides additional support to small businesses hurt by the economic effects of the coronavirus by allowing activities from the PPP and the Main Street Lending Program to not count against the cap.” The Fed noted that Wells Fargo had not been banned from participating in any of the lending programs, but was restricted on how much it could take on its balance sheet. Wells Fargo had $1.7 trillion in consolidated assets as of the end of 2019. The Fed also noted that the move Wednesday does not modify any of the other actions taken against Wells from the scandal. “The Board continues to hold the company accountable for successfully addressing the widespread breakdowns that resulted in harm to consumers identified as part of that action and for completing the requirements of the agreement,” the Fed said in its statement. ![Image 12: Here's what the average investor should be doing during the coronavirus economic crisis](https://image.cnbcfm.com/api/v1/image/106435141-1583862661465gettyimages-874811608.jpg?v=1583862748&w=750&h=422&vtcrop=y) watch now VIDEO 3:20 03:20 The average investor should be doing this during the coronavirus economic crisis [Invest in You: Ready. Set. Grow.](https://www.cnbc.com/invest-in-you/) [Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.](https://www.google.com/preferences/source?q=https://www.cnbc.com/) Trending Now 1. 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