News & Analysis as of September 17, 2024

Financial Institutions

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Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms helping to make sense of insurance, employment, tax, securities, M&A, risk management, and every other consideration touched by this crisis. Follow the channel for a daily email brief of the latest and best updates. less -

PPP Lender Liability, Enforcement, & Fintech Challenges

Buchalter on 12/29/2023

The Paycheck Protection Program (“PPP”) emerged as a lifeline for small businesses grappling with the unprecedented challenges of the COVID-19 pandemic. Lenders navigated a landscape of regulations that Congress quickly...more

DOJ Appears to Shift Focus to Lenders in Paycheck Protection Program Investigations: What You Need to Know

Orrick, Herrington & Sutcliffe LLP on 5/30/2023

The Department of Justice appears to be shifting its focus from investigating fraudulent behavior by Paycheck Protection Program (PPP) borrowers to investigating lenders and related institutions....more

Government Contracts Legal Round-Up | 2022 Issue 18

Jenner & Block on 9/28/2022

Welcome to Jenner & Block’s Government Contracts Legal Round‑Up, a biweekly update on important government contracts developments. This update offers brief summaries of key developments for government contracts legal,...more

Government Announces First FCA Settlement with PPP Lender

Bass, Berry & Sims PLC on 9/22/2022

The Department of Justice (DOJ) announced on September 12, the first-ever False Claims Act (FCA) settlement with a Paycheck Protection Program (PPP) lender. Prosperity Bank, a Texas-based regional bank, agreed to pay...more

Promissory Notes - Banking & Finance Insights, Volume 2, Issue 8

Spilman Thomas & Battle, PLLC on 8/31/2022

Biden Signs Bills Aimed at Catching Pandemic Business Loan Cheats - "President Joe Biden signed a pair of bills that will give the Justice Department more time to investigate and prosecute people accused of fraudulently...more

Recent Developments in Bankruptcy Law Update - July 2022

Jenner & Block on 8/5/2022

Covered Activities - 1.1.a Order granting counterclaim declaring validity of mortgage on the debtor’s property does not violate the stay. The debtor acquired property subject to a disputed mortgage. The debtor brought a...more

DOJ Investigating FinTech Over PPP Loans

Sheppard Mullin Richter & Hampton LLP on 7/29/2022

On June 3, a federal court filing in the Southern District of Florida by an Atlanta-based FinTech company revealed that the small business lender is under DOJ investigation for alleged PPP loan approval practices. According...more

Court Filing Reveals that DOJ Is Investigating Fintech’s Administration of PPP Loans

Sheppard Mullin Richter & Hampton LLP on 7/28/2022

A federal court filing by a fintech company revealed that it has been under investigation by the Department of Justice (“DOJ”) in relation to its Paycheck Protection Program (“PPP”) loan approval practices for over a year...more

Prosecution Of NY Lender Marks Shift In PPP Enforcement

Bradley Arant Boult Cummings LLP on 4/20/2022

Until recently government enforcement and regulatory scrutiny of fraud and other misconduct relating to COVID-19 relief programs were generally limited to end recipients of the relief. These efforts have mostly been...more

Post-COVID Financial Crimes Strategy: Tangible Solutions for Evolving Threats

K2 Integrity on 1/27/2022

From January 11 to 13, K2 Integrity’s experts participated in several panels at the ABA/ABA Financial Crimes Enforcement Conference. Below is an overview of insights delivered by Ray Dookhie in a session on Post-COVID...more

Bank Fraud Involving PPP Loans Could Lead to Prison Time, Even for Relatively Small Advances

Fox Rothschild LLP on 1/13/2022

The U.S. Department of Justice has recently begun charging defendants with bank fraud in relation to Paycheck Protection Program loans as part of its continuing efforts to investigate and prosecute individuals for crimes...more

PPP Extended; CFPB Revokes Pandemic-Related Regulatory Relief

Goodwin on 4/2/2021

In This Issue. President Biden signed a bill extending the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) through May 31, 2021; the Consumer Financial Protection Bureau (CFPB) announced the rescission...more

SBA Implemented Changes to PPP as a Part of American Rescue Plan Act

Goodwin on 3/25/2021

In this Issue. The federal bank regulatory agencies announced that the temporary change to the supplementary leverage ratio for depository institutions will expire as scheduled on March 31, 2021; the Small Business...more

Prosecutors Using FIRREA to Investigate Pandemic Conduct

King & Spalding on 3/19/2021

The Financial Institutions Reform, Recovery and Enforcement Act of 1989 (“FIRREA”) is a powerful tool in the prosecutorial arsenal. Due to its long statute of limitations, expansive penalty provision, and low civil burden of...more

Treasury Rolls Out Emergency Capital Investment Program

Goodwin on 3/12/2021

In this Issue. The U.S. Department of the Treasury announced that it was opening the application process for the Emergency Capital Investment Program, a new program designed to provide long-term, low-cost equity and...more

Nutter Bank Report: February 2021

Nutter McClennen & Fish LLP on 2/25/2021

HUD, VA, and USDA Coordinate Extensions of COVID-19 Relief for Homeowners - The U.S. Department of Housing and Urban Development (HUD), the U.S. Department of Veterans Affairs (VA), and the U.S. Department of Agriculture...more

COVID-19 Update: CFPB Announces Results of its Prioritized Assessments of CARES Act and Other Borrower Protections in Light of...

Cadwalader, Wickersham & Taft LLP on 1/27/2021

On January 19, 2021, the Consumer Financial Protection Bureau (CFPB or Bureau) published a special edition of its Supervisory Highlights focused on its COVID-19 Prioritized Assessments. As Cadwalader previously wrote, the...more

Civil Settlement In PPP Loan Fraud Case Opens New Battle Lines

Fox Rothschild LLP on 1/20/2021

The U.S. Justice Department announced its first civil settlement with a Paycheck Protection Program borrower alleged to have committed fraud in connection with this highly popular COVID-19 relief program. A bankruptcy online...more

ADOR Affirms Deductibility of PPP Loan-Related Expenses but Unanswered Conformity Questions Remain

Bradley Arant Boult Cummings LLP on 1/12/2021

The Alabama Department of Revenue issued helpful guidance on January 7, following its December 18, 2020 guidance implementing Governor Ivey’s landmark Supplemental Emergency Proclamation. The new guidance affirms the...more

PPP Loans Over $2 Million and the PPP Necessity Questionnaires - Update #2

Schwabe, Williamson & Wyatt PC on 12/29/2020

Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked some Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans over $2 million. There are...more

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter - November 2020

Troutman Pepper on 11/3/2020

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). In response, Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide...more

How Small Businesses Can Survive and Thrive in Our New Economy

Dunlap Bennett & Ludwig PLLC on 11/2/2020

Since March, businesses have immediately faced the adverse effects of COVID-19. Entrepreneurs and small business owners developed new and innovative ways to sustain cash flow, continue business operations, and make payroll....more

CARES Act Doesn’t Entitle Accountants to Fees for Helping Borrowers Get PPP Loans

Bradley Arant Boult Cummings LLP on 10/29/2020

The Paycheck Protection Program (PPP) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was expanded by the Paycheck Protection & Health Care Enhancement Act, provides more than $650 billion...more

Moving Center Stage – Vendor Risk Management & COVID-19

Mitratech Holdings, Inc on 10/27/2020

Vendor Risk Management (VRM) featured heavily at the recent Mitratech Interact 2020 online conference. That’s not surprising, considering the rising concerns about the risks posed by vendor and supplier networks – and how...more

Accuracy Counts: Filing Complete and Accurate SARs and Program Specific Red Flags Related to Covid-19 Criminal or Fraudulent...

Mitchell, Williams, Selig, Gates & Woodyard,... on 10/1/2020

On September 29, 2020, at the 19th Annual AML & Anti-Financial Crime Conference, Financial Crimes Enforcement Network (“FinCEN”) Director Kenneth Blanco reported over 91,000 suspicious activity reports (“SARs”) have been...more

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