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Small Business Administration Financial Services Industry

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... more +
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 -
Ballard Spahr LLP

Defendant Challenges FDIC Enforcement Proceeding, Citing Jarkesy

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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

Ballard Spahr LLP

Overturning of Chevron Boosts Challenges to SBA PPP Loan Forgiveness Denials

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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

Paul Hastings LLP

Daily Financial Regulation Update -- Tuesday August 6, 2024

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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

Paul Hastings LLP

Daily Financial Regulation Update -- Thursday May 2, 2024

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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

Cadwalader, Wickersham & Taft LLP

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

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

Paul Hastings LLP

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

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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 Rein LLP

Wiley Consumer Protection Download (November 13, 2023)

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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

Orrick, Herrington & Sutcliffe LLP

OCC allows Hawaii institutions to temporarily close, SBA offers loans

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

Seyfarth Shaw LLP

The Week in Weed: July 2023 # 2

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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

Orrick, Herrington & Sutcliffe LLP

SBA clarifies PPP eligibility of payroll costs

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

Orrick, Herrington & Sutcliffe LLP

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

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

Groom Law Group, Chartered

Small Business Administration Guidance Streamlines Process for Loans to ESOPs

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

DarrowEverett LLP

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

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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

Ballard Spahr LLP

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

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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

Polsinelli

Screening Failures Caused PPP Fraud

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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

Paul Hastings LLP

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

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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

Seward & Kissel LLP

Open Banking is Coming to America

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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

Spilman Thomas & Battle, PLLC

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

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

Paul Hastings LLP

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

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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

Paul Hastings LLP

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

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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

Paul Hastings LLP

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

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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

Paul Hastings LLP

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

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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

Paul Hastings LLP

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

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

Paul Hastings LLP

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

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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

Paul Hastings LLP

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

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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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