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Worcester Business Journal • www.wbjournal.com • 2017 Economic Forecast 37 Client: Webster W.S.#: WEB26267 File Name: WEB26267_Business Location: Art Quarter: Q2_15 Artist: Ki AE/AC: ALL/SM Media: WBJ Size: 9" Color: 4C Date: 5/2015 Request for WorkZone AE/AC: PDF uploaded Holding Tank Revisions: Artist: • Free Elite Business Checking • Business Debit/Credit Cards • Vehicle/Equipment Loans • Merchant Services • Remote Deposit • SBA Loans • Real Estate Investment • Construction Loans • Lines of Credit • Bill Pay Service Webster First Federal Credit Union commercial services include: Our Business is Helping Your Business Succeed Webster First Federal Credit Union offers a variety of commercial services designed to help businesses meet their unique financial goals. Our dedicated commercial services team provides each business relationship with exceptional customer service and professional advice. WebsterFirst.com | 800.962.4452 Facebook.com/WebsterFirst @WebsterFirstFCU B a n k i n g a n d F i n a n c e Fargo from their approved list of under- writers for one year. Four Massachusetts congressmen on Monday implored Goldberg to cut Treasury business ties with the bank. Congressman Stephen Lynch and three of his colleagues said in a letter that Wells Fargo is the trustee for a state deferred compensation plan and said "it appears that there are multiple rela- tionships between the state and Wells Fargo." The federal Consumer Financial Protection Bureau in September slapped the bank with a $100 million fine for "widespread unlawful sales practices." It was the largest fine ever issued by the agency, which said the bank would also pay an additional $35 million penalty to the Office of the Comptroller of the Currency and $50 million to the city and county of Los Angeles. Under fire for the bank's actions in the scandal, Wells Fargo chairman and CEO John Stumpf resigned this month. According to the bureau, bank employees secretly opened accounts and shifted funds from consumers' accounts into the new accounts with- out their knowledge or permission. The bank also had compensation pro- grams for employees that encouraged them to sign up existing clients for deposit accounts, credit cards and online banking without their knowl- edge. "The Treasurer isn't convinced that Wells Fargo has grasped the level of seriousness of their actions nor have they addressed systemic failures within their organization," Chandra Allard, a Goldberg spokeswoman, said in response to a News Service inquiry. "And because of that we have begun to take action. As her first step, the Treasurer has instructed her Assistant Treasurer of Debt Management to immediately remove Wells Fargo from the approved list of underwriters for a term of 1 year." The move could cost Wells Fargo between $500,000 and $1.5 million in business, depending on the bank's level of activity as an underwriter of Commonwealth debt deals, according to the Treasury. On Monday, U.S. Reps. Stephen Lynch, Michael Capuano, Katherine Clark and James McGovern urged Goldberg to sever Treasury ties with Wells Fargo. Massachusetts State Treasurer Deb Golberg The total number and dollar amount of SBA loans to select Central Massachusetts communities in 2014 and 2015. SBA lending in Central Massachusetts Worcester Framingham Fitchburg Northborough Natick 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 40 loans- $9.5M 53 loans- $11.5M 25 loans- $4.3M 28 loans- $7.4M 7 loans- $4.1M 14 loans- $1.2M 10 loans- $1M 13 loans- $1.7M 11 loans- $6M 9 loans- $1.1M Source: SBA The total loans through SBA's Massachusetts office has reached pre-recession levels. SBA loans on the rise 1,500 2,000 2,500 '07 '08 '09 '10 '11 '12 '13 '14 '15 Total 7(a) and 504 loans 2,591 Source: SBA W