FOR IMMEDIATE RELEASE
Wednesday, April 8, 2020
Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued the following statement in response to the Federal Reserve’s announcement today giving Wells Fargo temporary, targeted and conditional relief from the asset cap to enable the bank to help its customers impacted by the coronavirus crisis:
“We applaud the Federal Reserve for providing Wells Fargo temporary, targeted and conditional relief from the asset cap to enable the bank to help its customers impacted by the coronavirus crisis. As we previously called for, the Federal Reserve’s action today is carefully and strictly limited to Wells Fargo’s financial assistance to customers in connection with the CARES Act.
“Importantly, the cap itself remains fully in place for all the intended purposes. Today’s exemption is solely due to the extraordinary circumstances caused by the pandemic. The cap was meant to sanction Wells Fargo, not its customers when they need as much help as fast as possible due to no fault of their own. Wells Fargo will now be able to provide that help while still otherwise being fully subject to the sanction of the cap and other regulatory measures.”
Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.