News & Analysis as of

Fees Paycheck Protection Program (PPP)

Hudson Cook, LLP

CFPB Bites of the Month - March 2024 - Here Comes the Sun and the CFPB

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In this month's article, we share some of our top "bites" covered during the March 2024 webinar. Bite 10: CFPB Issues Statement on Privacy and Personal Data - On February 28, 2024, the CFPB issued a statement on...more

Balch & Bingham LLP

Cut Them Off at the Past – New COVID Stimulus Package Should Foreclose Any Possibility of Plaintiff Victory in Agent Fee Class...

Balch & Bingham LLP on

Congress passed a new COVID-19 stimulus package containing an important amendment to the CARES Act which should foreclose any possibility the Plaintiffs in the Agent Fee class actions currently pending across the country can...more

Balch & Bingham LLP

Banks Headed for Total Victory in Agent Fees Class Actions

Balch & Bingham LLP on

Twice this year, Balch & Bingham reported on the wave of “Agent Fee” class actions against lenders who made PPP loans under the CARES Act. At one point, there were over sixty such lawsuits spread across the federal courts,...more

Bradley Arant Boult Cummings LLP

CARES Act Doesn’t Entitle Accountants to Fees for Helping Borrowers Get PPP Loans

The Paycheck Protection Program (PPP) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was expanded by the Paycheck Protection & Health Care Enhancement Act, provides more than $650 billion...more

Balch & Bingham LLP

RETREAT! “Agent Fee” Class Actions Moving Against Plaintiffs

Balch & Bingham LLP on

Earlier this year, this blog reported on the wave of “Agent Fee” class actions against lenders who made PPP loans under the CARES Act. At one point, there were over sixty such lawsuits, spread across the federal courts,...more

Nutter McClennen & Fish LLP

Nutter Bank Report: September 2020

Federal Court in New York Dismisses Claims Against PPP Lenders for Agent Fees - A federal court in New York has dismissed claims made in six class action lawsuits against several banks and other Small Business...more

Goodwin

Financial Services Weekly Roundup: Madden Fix/Valid When Made Rule Faces New Challengers

Goodwin on

In the News. On the heels of a lawsuit challenging the Office of the Comptroller of the Currency’s (OCC) recently issued Madden fix/valid when made rule, eight state attorneys general filed suit challenging a similar rule...more

Nelson Mullins Riley & Scarborough LLP

Federal Judge Sides with SBA Lenders on PPP “Agent Fee” Litigation

Last week, the U.S. District Court for the Northern District of Florida ruled in favor of SBA lenders with respect to the treatment of “agent fees” under the Paycheck Protection Program (PPP)....more

Balch & Bingham LLP

Florida Judge Dismisses First-Filed PPP Agent Fee Class Action, Holds the CARES Act Contains No Requirement Agents be Paid

Balch & Bingham LLP on

In a landmark decision Monday, the United States District Court for the Northern District of Florida dismissed a putative class action involving “agent fees” for Paycheck Protection Program (“PPP”) loans under the federal...more

Goodwin

Financial Services Weekly Roundup: SEC Proposes Modified Disclosure Framework For Funds

Goodwin on

In the News. The Securities and Exchange Commission (SEC) proposed modifying the disclosure framework for mutual funds and exchange-traded funds (funds), which would create a new layered disclosure regime that attempts to...more

Goodwin

Agent Fee Suits and PPP Loans: Clarity Could Be Coming

Goodwin on

During a House Financial Services Committee (HFSC) oversight hearing on June 30, 2020, Treasury Secretary Steven Mnuchin hinted that clarification may be coming on whether agents helping small businesses apply for Paycheck...more

Goodwin

Financial Services Weekly Roundup: The Supreme Court Strikes Back On Single Director Leadership Structures

Goodwin on

In This Issue. The U.S. Supreme Court struck down the single director leadership structure of the Consumer Financial Protection Bureau (CFPB) in a ruling that could have far-reaching implications for the CFPB and other...more

Hicks Johnson

PPP Agent Fees: A Guide for Accountants, Attorneys, and Consultants

Hicks Johnson on

The troubles affecting the federal government’s Paycheck Protection Program (PPP) have been well documented. One critical issue is the fact that, while PPP lenders have been receiving their fees, PPP agents have not....more

Downs Rachlin Martin PLLC

New Interim Final Rule on PPP Borrower and Lender Disbursements

Disbursement of PPP Loan Proceeds - Questions persist regarding how loans under the Paycheck Protection Program (“PPP”) are to be funded by lenders. Specifically, some Borrowers have sought multiple draws hoping to achieve...more

Troutman Pepper

Seven Top Trends in COVID-19 Litigation Targeting Business Practices

Troutman Pepper on

The unprecedented health emergency and closely related economic crisis created by COVID-19 have triggered a wave of putative class action and individual lawsuits targeting a wide range of businesses. ...more

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