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By KEN SWEET

NEW YORK (AP) — The Federal Reserve said Tuesday that Wells Fargo is no longer subject to harsh restraints the Fed placed on the bank in 2018 for having a toxic sales and banking culture.

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It’s a win for Wells Fargo, which has spent nearly a decade trying to convince the public and policymakers that it had changed its ways.

“We are a different and far stronger company today because of the work we’ve done,” said Wells Fargo CEO Charlie Scharf in a statement. Scharf also announced that each of the 215,000 employees at Wells Fargo would receive a $2,000 award for turning the bank around. read more

Walt Disney Co. has launched another deep round of layoffs, notifying several hundred Disney employees in the U.S. and abroad that their jobs were being eliminated amid an increasingly difficult economic environment for traditional television.

People close to the Burbank, California-based entertainment giant confirmed the cuts, which are hitting film and television marketing teams, television publicity, casting and development as well as corporate financial operations.

The move comes just three months after the company axed 200 workers, including at ABC News in New York and Disney-owned entertainment networks. At the time, the division said it was trimming its staff by 6% amid shrinking TV ratings and revenue.

Disney declined to specify how many workers were losing their jobs. The cutbacks — the fourth round of layoffs in less than a year — come after Disney Chief Executive Bob Iger acknowledged to Wall Street that Disney had been pumping out too many shows and movies to compete against Netflix. read more

By CHEYANNE MUMPHREY

Borrowers who have defaulted on their federal student loans will no longer be at risk of having their Social Security benefits garnished, an Education Department spokesperson said Tuesday.

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The government last month restarted collections for the millions of people in default on their loans. An estimated 452,000 people aged 62 and older had student loans in default, according to a January report from the Consumer Financial Protection Bureau.

The department has not garnished any Social Security benefits since the post-pandemic resumption of collections and has paused “any future Social Security offsets,” department spokesperson Ellen Keast said. read more

By DEE-ANN DURBIN, AP Business Writer

If McDonald’s ever doubted it needed to bring back the Snack Wrap, consider this: Nine years after the fast-food powerhouse discontinued the item in the U.S., customers have continued to order it at drive-thrus.

Those customers won’t have to leave empty-handed for long. On Tuesday, McDonald’s announced that a new version of the Snack Wrap will go on sale July 10.

McDonald’s invented the Snack Wrap — a tortilla full of chicken, lettuce, shredded cheese and sauce — almost two decades ago to make it easier to eat its chicken on the go. But it was too complicated for its kitchens to prepare, so the burger giant abandoned the Snack Wrap in the U.S. in 2016.

The decision devastated fans like Alicia Force, a musician and administrative assistant at a high school in Missouri. Force tried to make Snack Wraps at home and sampled alternatives from Arby’s and other restaurants, but nothing was the same. So she started a Facebook group with 86 members urging McDonald’s to resurrect the Snack Wrap. read more

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During a recent career day at my daughter’s high school, I spoke to upperclassmen about budgeting, the dangers of credit card debt and how to navigate economic uncertainty.

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The conversation got me thinking: What do financial experts wish they knew about money as teenagers? The question echoed a recent social media trend featuring influencers getting coffee with their younger selves. read more