In a significant rebuke of the Small Business Administration (SBA), a Michigan federal district court has rejected the SBA’s attempt to deem a number of applicants, including sexually oriented dance clubs, ineligible for Paycheck Protection Program (PPP) loans.
On May 4, 2020, three Paycheck Protection Program (PPP) borrowers that received $750,000 in first-round funding sued the Small Business Administration (SBA) and the Treasury Department in the U.S. District Court, Central District of California.
On April 30, the Federal Reserve Board, after receiving more than 2,200 letters in response to a request for feedback on its Main Street Lending Program, announced an expansion of the scope of and eligibility for the program.
In response to the COVID-19 pandemic, federal and state governments and regulators have taken hasty actions that are arguably beyond the scope of their authority in order to provide assistance to businesses and consumers during a time of high unemployment, mandatory shutdowns and reduced consumer ...
While predicting the enforcement priorities of the financial regulators has always been more of an art than a science, the current circumstances—including a pandemic, a presidential election and a Supreme Court case hanging like a guillotine over the Consumer Financial Protection Bureau ...
Relaxed Fair Credit Reporting Act (FCRA) credit reporting enforcement during COVID-19? Not so fast, say 23 state attorneys general (AGs).
Just when you thought that federal agencies were softening their stance on enforcement during the crisis, the Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) took a figurative shot across the bow.
Although federal regulators repeatedly have assured banks that they can make Paycheck Protection Program (“PPP”) loans without fear of later reprisals, there remains the potential for liability under the federal False Claims Act.
On April 2, 2020 and April 4, 2020, the Small Business Administration (SBA) issued unusual interim final rules (the Rules) providing further detail regarding Paycheck Protection Program loans under the CARES Act. The Rules will take effect immediately upon publication in the Federal ...