News & Analysis as of

Fair Lending Paycheck Protection Program (PPP)

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights, Volume 2, Issue 8

Biden Signs Bills Aimed at Catching Pandemic Business Loan Cheats - "President Joe Biden signed a pair of bills that will give the Justice Department more time to investigate and prosecute people accused of fraudulently...more

Bradley Arant Boult Cummings LLP

CFPB Releases Observations of COVID-19 Impacts to Small Business Lending through PPP Loans and Potential Fair Lending Risks

As we recently noted, the CFPB released the 23rd issue of its Supervisory Highlights report, focusing on COVID-19 prioritized assessments. In the report, the CFPB identified small business lending as an area that poses a risk...more

Cadwalader, Wickersham & Taft LLP

COVID-19 Update: CFPB Announces New Supervisory and Enforcement Priorities in Light of COVID-19 Pandemic

On July 16, 2020, the Consumer Financial Protection Bureau (“CFPB”) hosted a webinar outlining, for the first time, the CFPB’s supervisory and enforcement priorities in light of the coronavirus pandemic....more

Skadden, Arps, Slate, Meagher & Flom LLP

Paycheck Protection Program: An Overview of Fair Lending Risks

Since the Paycheck Protection Program (PPP) of loans guaranteed by the Small Business Administration (SBA) was originally rolled out on April 3, 2020, some advocates have expressed disappointment that Congress did not...more

Skadden, Arps, Slate, Meagher & Flom LLP

Summary of 28th Annual Conference on Fair Lending and Consumer Financial Protection

Year In Review - Anand Raman, the head of Skadden’s Consumer Financial Services (CFS) practice, began the conference by providing a summary of notable events and trends over the past year relating to consumer financial...more

BCLP

The Paycheck Protection Program: Managing Fair Lending Risks

BCLP on

Paycheck Protection Program (“PPP”), including by the Treasury Department, SBA Inspector General, U.S. Department of Justice, and Congress with the Special Inspector General for Pandemic Recovery surely soon to follow. ...more

Akerman LLP

CFPB Issues Guidance on ECOA and SBA PPP Loan Applications

Akerman LLP on

On May 6, 2020, the Consumer Financial Protection Bureau (CFPB) issued FAQs clarifying Regulation B's application to the Small Business Administration's (SBA) Paycheck Protection Program (PPP)....more

Ballard Spahr LLP

CFPB highlights fair lending protections for small businesses impacted by COVID-19 pandemic

Ballard Spahr LLP on

In a new blog post, the CFPB highlights fair lending protections available to small businesses that have been impacted by the COVID-19 pandemic, particularly minority and women-owned businesses....more

Goodwin

Financial Services Weekly Roundup: PPP Borrowers And Lenders Under The Microscope

Goodwin on

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule that would establish a revised framework for the fair value determination for purposes of the Investment Company Act of 1940 and have...more

Nelson Mullins Riley & Scarborough LLP

First Signs of CRA and Fair Lending Oversight Applied to the PPP

The Office of the Comptroller of the Currency (OCC) released “OCC Bulletin 2020-44” which encourages institutions to “prudently document their implementation and lending decisions” under the Small Business Administration's...more

Goodwin

Fair Lending Considerations in a COVID-19 World: U.S. Paycheck Protection Program Issues

Goodwin on

The first wave of class actions relating to the COVID-19 pandemic is here, including a number of cases concerning so-called “gating” eligibility rules that are legitimately applied by many lenders to manage the flow of...more

Balch & Bingham LLP

Banks Beware: New Class Actions Alleging Banks Prioritized Large PPP Loans Over Smaller Ones

Balch & Bingham LLP on

In a flurry of new class actions filed on behalf of unhappy small business owners, banks are facing suits alleging they unlawfully prioritized processing large loans under the Paycheck Protection Program (PPP) over smaller...more

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