News & Analysis as of September 23, 2024

Small Business Administration › Financial Services Industry

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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

Overturning of Chevron Boosts Challenges to SBA PPP Loan Forgiveness Denials

Ballard Spahr LLP on 8/8/2024

The U.S. Supreme Court’s recent overturning of the Chevron Deference Doctrine calls into question several Chevron-based federal court rulings allowing the Small Business Administration (SBA) to exclude many categories of...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

Daily Financial Regulation Update -- Thursday May 2, 2024

Paul Hastings LLP on 5/2/2024

May 1, 2024 - The U.S. House Committee on Financial Services Subcommittee on Financial Institutions and Monetary Policy held a hearing entitled, “Merger Policies of the Federal Banking Agencies.” The Committee heard...more

SBICs – A Tradition (Mostly) Unlike Any Other? April 2024 - Revised SBA Rules Move Cap Call Lending Closer, But Still a Bridge Too...

Cadwalader, Wickersham & Taft LLP on 4/12/2024

When the U.S. Small Business Administration’s (“SBA’s”) revised rules for its Small Business Investment Company (“SBIC”) program went into effect last August, it looked like a greenfield market for capital call financing had...more

Daily Financial Regulation Update -- Wednesday, November 15, 2023

Paul Hastings LLP on 11/16/2023

November 14, 2023- The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing entitled, "Oversight of Financial Regulators: Protecting Main Street Not Wall Street." The witnesses included: The Honorable...more

Wiley Consumer Protection Download (November 13, 2023)

Wiley Rein LLP on 11/14/2023

Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...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 Week in Weed: July 2023 # 2

Seyfarth Shaw LLP on 7/14/2023

Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana. This week, we check in on Pennsylvania, Ohio and Virginia – each state is in a different place and heading in a...more

SBA clarifies PPP eligibility of payroll costs

Orrick, Herrington & Sutcliffe LLP on 6/26/2023

On June 13, the SBA added question #72 to its Paycheck Protection Program (PPP) Frequently Asked Questions clarifying whether “the amounts paid by a borrower to a third-party payer for the third-party payer’s employees to...more

Supreme Court False Claims Act Ruling May Affect Paycheck Protection Program Lenders

Orrick, Herrington & Sutcliffe LLP on 6/12/2023

On June 1, the Supreme Court ruled that entities that submit false claims to the government can be liable if they subjectively believed the claims were false at the time of submission. ...more

Small Business Administration Guidance Streamlines Process for Loans to ESOPs

Groom Law Group, Chartered on 5/31/2023

In August of 2018, the Main Street Employee Ownership Act (“MSEOA”) became law as part of the John S. McCain National Defense Authorization Act. The intent behind the MSEOA was to promote the establishment of employee stock...more

New Rules Aim to Make SBA Loans More Accessible, Abundant, and Better

DarrowEverett LLP on 5/18/2023

The United States Small Business Administration (“SBA”) oversees two loan programs that are intended to benefit small business owners and promote employment. The programs, known as the 7(a) Loan Program and Section 504 Loan...more

SBA: CFPB credit card late fee proposed rule may hurt small entities

Ballard Spahr LLP on 5/12/2023

The Consumer Financial Protection Bureau (“CFPB”) received more than 225 public comments to its credit card late fee proposal (the “Proposed Rule”). As we have discussed, the Proposed Rule would make significant changes to...more

Screening Failures Caused PPP Fraud

Polsinelli on 1/10/2023

On December 1, 2022, the House Select Subcommittee on the Coronavirus Crisis released a staff report describing the poor performance of the financial technology companies that took a prominent role in administering the...more

Daily Financial Regulation Update -- Tuesday, December 6, 2022

Paul Hastings LLP on 12/6/2022

December 5, 2022- Acting Comptroller of the Currency Michael J. Hsu discussed the importance of continued prudent credit risk management and diversity and inclusion, two important safety and soundness topics, at the RMA...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

Promissory Notes - Banking & Finance Insights, Volume 2, Issue 10

Spilman Thomas & Battle, PLLC on 11/1/2022

Virtually All PPP Loans have been Forgiven with Limited Scrutiny - "More than two years later, the overwhelming majority of these loans have transformed into government grants, as 91% have been either fully or partially...more

Daily Financial Regulation Update -- Wednesday, October 19, 2022

Paul Hastings LLP on 10/19/2022

October 18, 2022- The Federal Deposit Insurance Corporation adopted a final rule to increase initial base deposit insurance assessment rate schedules uniformly by 2 basis points beginning in the first quarterly assessment...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

Daily Financial Regulation Update -- Tuesday, September 13, 2022

Paul Hastings LLP on 9/13/2022

September 12, 2022- The Federal Reserve Board published a paper entitled, "The impact of risk cycles on business cycles: a historical view."...more

Daily Financial Regulation Update -- Thursday, September 8, 2022

Paul Hastings LLP on 9/8/2022

September 7, 2022- The U.S. Senate Committee on Banking, Housing, and Urban Affairs, hosted a listening session with consumers from around the country....more

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

Paul Hastings LLP on 9/1/2022

House Committee on Financial Services September Schedule Announced- August 31, 2022- The U.S. House Committee on Financial Services announced the following schedule for the month of September:...more

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Small Business Administration › Financial Services Industry

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