However, those who aren't current bank customers need to have $1 million in a qualifying account.

Fercho will join Wells Fargo in August and report to Mike Weinbach, the bank's CEO of consumer lending.

Lenders are cautioning not only that second-quarter provisions might exceed the spike seen earlier this year, but also that credit costs could be elevated into 2021 if the economic slowdown drags on or fears of a second coronavirus wave are borne out.

Even after the Fed eased some limitations in April to promote emergency lending, the bank has had to make some “tough choices” to heed the $1.95 trillion growth ceiling set by regulators in the aftermath of its phony-accounts scandal.

Banking regulators restored the scandal-plagued bank's score three years after assigning it the lowest possible rating under the Community Reinvestment Act.

Wells Fargo will temporarily stop accepting applications for home equity lines of credit, following a similar move by rival JPMorgan Chase.

While much is unknown about how badly the coronavirus pandemic has damaged Southern Nevada's economy, one economist doesn't foresee a major housing market crisis here.

Declines in mortgage servicing rights valuations at JPMorgan Chase and Wells Fargo point to the resurgence of a dilemma that came up during the last downturn.

The worsening economy brought on by the coronavirus pandemic has big banks rethinking who they will lend to.

JPMorgan Chase, Wells Fargo, Citigroup and U.S. Bancorp, along with 200 state-chartered banks and credit unions, have agreed to let borrowers skip payments for 90 days if their finances have been upended by the pandemic.