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Wells Fargo Wonders: Where Are the Borrowers?
Wells Fargo CEO John Stumpf said his bankers are having trouble finding qualified borrowers.
“We have a ton of liquidity,” Stumpf told those at a Commonwealth Club of California gathering in San Francisco.
Some bankers say increased scrutiny of their existing loans by regulators is making it more difficult to lend to small and mid-sized companies.
Asked after his speech whether regulatory scrutiny is curtailing lending, Stumpf told the San Francisco Business Times that “finding qualified borrowers is impeding lending.”
Not that the bank isn’t lending actively. A Wells spokesman said last month that the bank has “provided $711 billion in loans and lines of credit to help get the economy going again.”
Stumpf said he had concerns about financial reform moving through Congress. He reiterated his concern about legislation that might allow state banking laws to exceed federal standards, saying that it would make it difficult for the bank to serve customers where, how and when they like.
More details on Wells Fargo CEO John Stumpf's speech are available from the San Francisco Business Times.
Mark Calvey writes for the San Francisco Business Times.
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