Wells Fargo is pulling back from student lending as the surge in coronavirus cases threatens to further disrupt higher education and the broader U.S. economy.
The Main Street Lending Program is off to a slow start, while the PPP is extended five weeks to distribute the remaining $130 billion in loans; the European regulator is softening its stance to allow more deals.
The agency has proposed letting firms seek specific guidance, which can be applied to other institutions. But consumer groups worry the plan circumvents formal rulemaking.
Neil Dauby, the Indiana company's chief commercial banking officer, will have oversight of all operations, reporting directly to Chairman and CEO Mark Schroeder.
With stimulus money running out and forbearances set to expire, consumer spending is bound to shrink. That's bad news for business owners and their landlords, the Pittsburgh bank's CEO says.
The U.S. economy can escape another decade-long slog back to health if strong public measures or a vaccine curb virus surges, Federal Reserve Bank of San Francisco President Mary Daly said.
The Paycheck Protection Program propped up many banks' balance sheets in the first half of the year, but what will drive loan demand in the second half?
