Federal Reserve Board Amends Consent Order with Wells Fargo to Support Small Businesses

The Federal Reserve Board ("FRB") amended a February 2018 Consent Order with Wells Fargo in order to facilitate support for small businesses during the COVID-19 pandemic.

Under the Consent Order, the FRB restricted Wells Fargo's growth by imposing an overall cap that limits the size of its balance sheet.

By amending the Consent Order, the FRB stated that it is "temporarily and narrowly modify[ing] the growth restriction" - due to the "extraordinary disruptions" of COVID-19 - so that Wells Fargo can participate in the Paycheck Protection Program and forthcoming Main Street Lending Program without it counting against the cap.