Fed Raises Makes Changes to Wells Fargo’s Asset Cap

The Federal Reserve is making changes to the asset cap on Wells Fargo in order to get more money into the hands of small businesses; money lent through the central bank’s business lending programs won’t count towards their $1.95 trillion cap; the cap was initially put in place after the scandal involving fake accounts; the move to make changes was expected given Wells Fargo is the third largest bank in the US and it is important for them to be able to serve their customers during these challenging times. CNBC