The House Select Subcommittee on the Coronavirus Crisis continues its investigation into PPP fraud. On May 27, the Select Subcommittee turned its focus to FinTech firms and partner banks implicated in Department of Justice PPP fraud investigations. In letters to the companies, Rep. Clyburn wrote, “I am deeply troubled by recent reports that financial technology (FinTech) lenders and their bank partners failed to adequately screen PPP loan applications for fraud. This failure may have led to millions of dollars in FinTech-facilitated PPP loans being made to fraudulent, non-existent, or otherwise ineligible businesses.”
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