With many banks and credit unions electing to limit Paycheck Protection Program (PPP) loans to existing customers, many nonbank lenders are scrambling to fill the gap and take part in the $349 billion program prior to the end of the application period on June 30, 2020.
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.
We hope this alert finds you, your families and your colleagues healthy and safe in these challenging times.
While lending transactions generally do not fall within the scope of CFIUS jurisdiction, loans by foreign lenders that could result in the lender obtaining “control” of a U.S. business or in the lender’s acquisition of even a non-controlling investment in certain types of U.S. ...
In connection with a settlement with a Swiss company, the Office of Foreign Assets Control (OFAC) has extended its reach in an important development for foreign businesses which may utilize software or hardware originating from the United States.
In Bank Secrecy Act and anti-money laundering (BSA/AML) news, a bipartisan group of lawmakers introduced a bill aimed at updating AML laws that would require companies to disclose their true owners at the time of incorporation.
In regulatory oversight news, the New York Department of Financial Services (DFS) announced the creation of a new Cybersecurity Division and the Financial Crimes Enforcement Network (FinCEN) launched an Innovation Hours program.
Putting an end to a 2014 lawsuit filed by payday lenders challenging the actions of federal regulators in Operation Choke Point, the Federal Deposit Insurance Corporation (FDIC) announced a resolution to the action.
The U.S. Court of Appeals, Second Circuit has ruled that an online tribal lender must comply with state interest rate and licensing laws, allowing a pair of borrowers to move forward with their suit against tribal officials.