The Colorado attorney general (AG) has won the first round of a prominent fight over bank-model lending.
On May 20, 2020, the U.S. Court of Appeals for the Seventh Circuit sided with a lower court which invalidated applying the “Ineligibility Rule” by the Small Business Administration (SBA) to the Paycheck Protection Program (PPP), which had been previously used to exclude small businesses ...
On May 29, 2020, the Office of the Comptroller of the Currency (OCC) issued its final rule affirming the “valid when made” doctrine for national banks and federal savings associations.
The Federal Reserve Bank issued new guidance for the Main Street Lending Program (the Program) on May 27, 2020.
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).