News & Analysis as of

Paycheck Protection Program (PPP) FTC Act

BakerHostetler

What’s the Damage? - The FTC Cracks Down on False Promises of PPP Loans

BakerHostetler on

Note: The March 25 version of this article has been updated. The other day, the FTC announced settlements with two different companies that allegedly made false promises to small businesses that their companies could help...more

Orrick, Herrington & Sutcliffe LLP

FTC fines two fintech firms $59 million for PPP loan practices

On March 18, the FTC announced enforcement actions against two companies that allegedly made “false promises” to small businesses seeking Paycheck Protection Program (PPP) loans. Both companies have agreed to settle with the...more

Cozen O'Connor

FTC Secures $59 Million Settlement over Fintech Firms’ Allegedly Misleading PPP Loan Claims

Cozen O'Connor on

The FTC has reached settlement agreements with fintech firms Biz2Credit, Inc. and Oto Analytics, Inc. (doing business as Womply) to resolve allegations that the companies misled small businesses during the COVID-19 pandemic...more

Goodwin

Fed Proposes Guidelines for Access to Master Accounts and Payment Services

Goodwin on

In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve), in response to an increased number of inquiries and access requests from companies with fintech and other narrow purpose charters, invited...more

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