Fed (temporarily) takes the shackles off Wells Fargo, freeing it to help small businesses

``The Fed said in a statement Wednesday it is easing the growth restrictions, first imposed on Wells Fargo (WFC) in 2018, because of the "extraordinary disruptions from the coronavirus." The change will allow Wells Fargo to participate only in emergency programs designed to help companies harmed by the health crisis, including a forgivable loan program for small businesses. The Fed said the so-called asset cap will be snapped back on once those emergency programs are inactive. In response, Wells Fargo said it will immediately expand its participation in the forgivable loan program, known as the Payroll Protection Program, by offering loans to a broader set of small businesses and nonprofits.''