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
8/8/2024
/ Borrowers ,
CARES Act ,
Chevron Deference ,
Coronavirus/COVID-19 ,
False Claims Act (FCA) ,
Financial Services Industry ,
Loans ,
Loper Bright Enterprises v Raimondo ,
Paycheck Protection Program (PPP) ,
Regulatory Authority ,
SBA ,
SBA Lending Programs ,
SCOTUS ,
Statutory Interpretation
As we approach the two-year anniversary of the passage of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), the scope and costs of fraud in connection with its relief programs continues to mount. To date,...more
The Small Business Administration (“SBA”) recently issued a procedural notice (the “Notice”) to “All SBA Employees and Paycheck Protection Program Lenders” setting forth “Revised SBA Paycheck Protection Platform Procedures...more
Congress passed additional COVID-19 relief legislation (H.R. 133) on Monday evening, December 21, 2020. Today, President Trump is expected to sign the deal, which includes a $900 billion economic stimulus package that will...more
12/23/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Economic Stimulus ,
Eviction ,
Families First Coronavirus Response Act (FFCRA) ,
Foreclosure ,
Mortgages ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SNAP Program ,
Unemployment Benefits
Summary -
The Securities and Exchange Commission (SEC) announced today that it has settled its case against The Cheesecake Factory charging the national restaurant chain with providing misleading disclosures in filings—the...more
Can BSA/AML Requirements Lead to Deemed Knowledge of Borrower Fraud?
The first two weeks of August brought a milestone of sorts in the ongoing recovery from the economic downturn brought on by the COVID-19 pandemic. The...more
9/3/2020
/ Beneficial Owner ,
Borrowers ,
BSA/AML ,
CARES Act ,
Coronavirus/COVID-19 ,
Customer Due Diligence (CDD) ,
Department of Justice (DOJ) ,
Enforcement Actions ,
False Claims Act (FCA) ,
Federal Housing Administration (FHA) ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Agencies ,
FinCEN ,
Fraud ,
Government Investigations ,
HUD ,
Lenders ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
SBA ,
U.S. Treasury
The Financial Crimes Enforcement Network (“FinCEN”) just issued another Advisory pertaining to two consumer fraud schemes exacerbated by the COVID-19 pandemic. ...more
On May 18, the Financial Crimes Enforcement Network (“FinCEN”) issued an Advisory “to alert financial institutions to rising medical scams related to the COVID-19 pandemic. This [A]dvisory contains red flags, descriptions of...more
On May 4, the Financial Action Task Force (“FATF”) issued a paper entitled “Covid-19-Related Money Laundering and Terrorist Financing – Risk and Policy Responses (“Paper”). ...more
5/11/2020
/ AML/CFT ,
Anti-Money Laundering ,
BSA/AML ,
CARES Act ,
Coronavirus/COVID-19 ,
Corruption ,
FATF ,
Financial Crimes ,
Financial Fraud ,
Financial Institutions ,
Financial Transactions ,
FinCEN ,
Money Laundering ,
Paycheck Protection Program (PPP)
With significant government intervention comes significant government oversight. That is the message coming from Capitol Hill and the Executive Branch concerning the Payroll Protection Program (PPP), a Small Business...more
4/25/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Fraud ,
Paycheck Protection Program (PPP) ,
Regulatory Oversight ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
Second Post in a Two-Post Series on Recent FATF Activity -
As we just blogged, the Financial Action Task Force (“FATF”) issued a statement from its President on COVID-19 and measures to combat illicit financing during the...more
4/13/2020
/ AML/CFT ,
Anti-Money Laundering ,
BSA/AML ,
Coronavirus/COVID-19 ,
Corruption ,
Cross-Border Transactions ,
FATF ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
Money Laundering ,
Terrorism Funding ,
Terrorist Financing Regulations
First Post in a Two-Post Series on Recent FATF Activity -
Members presumably working from home, the Financial Action Task Force (“FATF”) was active last week, first issuing its 3rd Enhanced Follow-up Report & Technical...more
4/13/2020
/ AML/CFT ,
Anti-Corruption ,
Anti-Money Laundering ,
BSA/AML ,
Coronavirus/COVID-19 ,
Cross-Border Transactions ,
FATF ,
Financial Crimes ,
Financial Institutions ,
Know Your Customers ,
Money Laundering ,
Terrorism Funding ,
Terrorist Financing Regulations
The Financial Crimes Enforcement Network (“FinCEN”) just issued a release, entitled “The Financial Crimes Enforcement Network (FinCEN) Encourages Financial Institutions to Communicate Concerns Related to the Coronavirus...more
3/17/2020
/ China ,
Coronavirus/COVID-19 ,
Crisis Management ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Infectious Diseases ,
Insider Trading ,
Money Laundering ,
Public Health ,
Scams