News & Analysis as of September 19, 2024

Small Business Administration › Financial Institutions

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The Small Business Administration is a United States federal agency established in 1953 by the Small Business Act. The SBA is dedicated to assisting and supporting small business and entreprenuers. The SBA carries out its mission through a variety of programs including providing financial and federal contract procurement assistance, management assistance, and specialized outreach to women, minorities and armed forces veterans. less -

Defendant Challenges FDIC Enforcement Proceeding, Citing Jarkesy

Ballard Spahr LLP on 9/4/2024

In one of the first tests of the implications of the Jarkesy decision for other federal regulatory agencies, an individual accused by the FDIC of participating in fraudulent loan activity is asking a federal judge to dismiss...more

Daily Financial Regulation Update -- Tuesday August 6, 2024

Paul Hastings LLP on 8/6/2024

August 5, 2024- The Federal Reserve Board released the results of the July 2024 Senior Loan Officer Opinion Survey on Banking Practices. August 5, 2024- The Federal Reserve Bank of New York published a The Teller...more

More Than $1.6B in SBA Debenture Leverage Priced at 5.035%

Troutman Pepper on 3/19/2024

Licensed by the U.S. Small Business Administration (SBA) under the Small Business Investment Act of 1958, a small business investment company (SBIC) represents a privately owned and operated investment fund that makes...more

BOI Acceso Y Salvaguardas

Foodman CPAs & Advisors on 3/5/2024

El 2/20/23, FinCEN publicó la Guía de Cumplimiento para Pequeñas Entidades para los requisitos de Acceso y Salvaguardas de la información sobre los Beneficiarios Finales. La Guía de BOI Acceso y Salvaguardas (de seis páginas...more

BOI Access & Safeguards

Foodman CPAs & Advisors on 3/5/2024

On 2/20/23, FinCEN published the Small Entity Compliance Guide for Beneficial Ownership Information Access and Safeguards Requirements. The (six-pages and four sections) BOI Access & Safeguards Guide provides an overview...more

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

Daily Financial Regulation Update -- Wednesday, August 23, 2023

Paul Hastings LLP on 8/23/2023

August 22, 2023- Governor Michelle W. Bowman of the Federal Reserve Board of Govenors (the "Federal Reserve") gave opening remarks at "Fed Listens: Joining the Labor Force after COVID, A Discussion on Youth Employment,"...more

OCC allows Hawaii institutions to temporarily close, SBA offers loans

Orrick, Herrington & Sutcliffe LLP on 8/21/2023

On August 10, the OCC issued a proclamation permitting OCC-regulated institutions to close offices in areas affected by the wildfires in Hawaii. In issuing the proclamation, the OCC noted that only bank offices directly...more

The Rise and Fall of the Paycheck Protection Program

Lippes Mathias LLP on 7/26/2023

The Long-Term Effects Felt by Lenders Nationwide. As a result of the United States government instituting the Paycheck Protection Program (“PPP”), companies nationwide have defaulted on hundreds of thousands of PPP loans,...more

Small Business Lenders Data Reporting Obligations Under Section 1071

Venable LLP on 6/13/2023

The Consumer Financial Protection Bureau ("CFPB" or "Bureau") recently published a Small Entity Compliance Guide (the "Guide") regarding Section 1071 of the Dodd-Frank Act, which amended ECOA to require that financial...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

Florida’s Response to ESG Investing

Pillsbury Winthrop Shaw Pittman LLP on 5/22/2023

Governor DeSantis has signed a law prohibiting reliance on environmental, social and governance (ESG) for Florida’s funds. Banks and financial institutions could face administrative sanctions if found to discriminate...more

Daily Financial Regulation Update -- Friday, December 9, 2022

Paul Hastings LLP on 12/9/2022

December 8, 2022- U.S. Sen. Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and U.S. Sen. Pat Toomey (R-PA), Ranking Member of the Senate Committee on Banking, Housing, and...more

Daily Financial Regulation Update -- Thursday, December 1, 2022

Paul Hastings LLP on 12/1/2022

November 30, 2022- U.S. Sen. Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, wrote to U.S. Treasury Secretary and Chair of the Financial Stability Oversight Committee (FSOC) Janet...more

Open Banking is Coming to America

Seward & Kissel LLP on 11/18/2022

On October 27, 2022, the Consumer Financial Protection Bureau (“CFPB”) announced a new regulatory framework (“Framework”) governing “Personal Financial Data Rights,” or, by another name, “open banking.” Conceptually, open...more

Daily Financial Regulation Update -- Tuesday, October 4, 2022

Paul Hastings LLP on 10/4/2022

October 3, 2022- The Financial Stability Oversight Council held a meeting on October 3, 2022 where it unanimously approved its Report on Digital Asset Financial Stability Risks and Regulation....more

Daily Financial Regulation Update -- Friday, September 16, 2022

Paul Hastings LLP on 9/16/2022

Hearing: Oversight of the U.S. Securities and Exchange Commission- September 15, 2022- The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Oversight of the U.S. Securities and...more

Daily Financial Regulation Update -- Wednesday, September 14, 2022

Paul Hastings LLP on 9/14/2022

September 13, 2022- The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "New Consumer Financial Products and the Impacts to Workers."...more

Florida Becomes Latest State to Propose Anti-ESG Legislation

Saul Ewing LLP on 8/22/2022

On July 27, 2022, Florida Governor Ron DeSantis announced legislative proposals and initiatives that would prevent State Board of Administration (SBA) fund managers from considering environmental social and governance (ESG)...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

Daily Financial Regulation Update -- Tuesday, May 31, 2022

Paul Hastings LLP on 5/31/2022

Major Developments- Federal Agencies- Federal Reserve Board Speech: Responding to High Inflation, with Some Thoughts on a Soft Landing- ...more

Daily Financial Regulation Update -- Friday, May 27, 2022

Paul Hastings LLP on 5/27/2022

Congress- U.S. House of Representatives- Committee on Financial Services- Hearing: Digital Assets and the Future of Finance: Examining the Benefits and Risks of a U.S. Central Bank Digital Currency-...more

Daily Financial Regulation Update -- Wednesday, May 25, 2022

Paul Hastings LLP on 5/25/2022

Major Developments- Federal Deposit Insurance Corporatio Quarterly Banking Profile: Insured Institutions Reported Net Income of $59.7 Billion in First Quarter 2022-...more

Daily Financial Regulation Update -- Thursday, May 19, 2022

Paul Hastings LLP on 5/19/2022

Congress - U.S. House of Representatives - Committee on Small Business - Committee Holds Hearing on Oversight of SBA Office in Charge of Loan Programs...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

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Small Business Administration › Financial Institutions

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