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Coronavirus/COVID-19 › CARES Act › Financial Institutions

Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms... more +
Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms helping to make sense of insurance, employment, tax, securities, M&A, risk management, and every other consideration touched by this crisis. Follow the channel for a daily email brief of the latest and best updates. less -
Husch Blackwell LLP

False Claims Act Insights - DOJ’s Reliance on FCA to Pursue Covid-Related Fraud

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Host Jonathan Porter welcomes Boston-based litigator Bob Peabody to the show to discuss the Department of Justice’s use of the False Claims Act to pursue civil actions in connection with CARES Act fraud. Programs established...more

McGlinchey Stafford

Third Circuit Illustrates Federal Court Presumption for Exercising Concurrent Jurisdiction

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Arsenis v. M&T Bank is a tale of two cases. The bank brought an action against Ms. Arsenis to foreclosure on a mortgage loan in New Jersey Superior Court. Through a combination of defenses and counterclaims in the foreclosure...more

Buchalter

PPP Lender Liability, Enforcement, & Fintech Challenges

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The Paycheck Protection Program (“PPP”) emerged as a lifeline for small businesses grappling with the unprecedented challenges of the COVID-19 pandemic. Lenders navigated a landscape of regulations that Congress quickly...more

Orrick, Herrington & Sutcliffe LLP

DOJ Appears to Shift Focus to Lenders in Paycheck Protection Program Investigations: What You Need to Know

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The Department of Justice appears to be shifting its focus from investigating fraudulent behavior by Paycheck Protection Program (PPP) borrowers to investigating lenders and related institutions....more

Jenner & Block

Government Contracts Legal Round-Up | 2022 Issue 18

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Welcome to Jenner & Block’s Government Contracts Legal Round‑Up, a biweekly update on important government contracts developments. This update offers brief summaries of key developments for government contracts legal,...more

Bass, Berry & Sims PLC

Government Announces First FCA Settlement with PPP Lender

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The Department of Justice (DOJ) announced on September 12, the first-ever False Claims Act (FCA) settlement with a Paycheck Protection Program (PPP) lender. Prosperity Bank, a Texas-based regional bank, agreed to pay...more

Sheppard Mullin Richter & Hampton LLP

DOJ Investigating FinTech Over PPP Loans

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On June 3, a federal court filing in the Southern District of Florida by an Atlanta-based FinTech company revealed that the small business lender is under DOJ investigation for alleged PPP loan approval practices. According...more

Fox Rothschild LLP

Bank Fraud Involving PPP Loans Could Lead to Prison Time, Even for Relatively Small Advances

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The U.S. Department of Justice has recently begun charging defendants with bank fraud in relation to Paycheck Protection Program loans as part of its continuing efforts to investigate and prosecute individuals for crimes...more

Woods Rogers

Direct Deposits of Child Tax Credits are Exempt from Creditor Process

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Banks are reminded that child tax credit payments made by direct deposit are exempt from creditor process. In particular, the Virginia law (Code §34-28.3) provides an exemption for any “emergency relief payment” made in...more

Ballard Spahr LLP

Protection of Federal Stimulus Payments from Creditors

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In the federal government’s ongoing effort to revive the U.S. economy and help people harmed by the economic damage wrought by the coronavirus pandemic, an important detail has gone under-noticed: the most recent set of...more

Bradley Arant Boult Cummings LLP

CFPB Rescinds 2020 Policy Statements Issued Due to COVID-19

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On March 31, 2021, the Consumer Financial Protection Bureau (CFPB) rescinded seven recent policy statements and one bulletin in an effort to ensure compliance with consumer protection laws and reinforce its supervisory and...more

King & Spalding

Prosecutors Using FIRREA to Investigate Pandemic Conduct

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The Financial Institutions Reform, Recovery and Enforcement Act of 1989 (“FIRREA”) is a powerful tool in the prosecutorial arsenal. Due to its long statute of limitations, expansive penalty provision, and low civil burden of...more

Foley & Lardner LLP

FinCEN Advisory and Notice on Financial Crimes Targeting COVID-19 Economic Impact Payments

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On February 24, 2021, the Financial Crimes Enforcement Network (FinCEN) issued an advisory alerting financial institutions to the potential for fraud and other financial crimes related to Economic Impact Payments (EIPs) and a...more

Ballard Spahr LLP

FinCEN Warns Financial Institutions About Economic Stimulus Aid Scams

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The Financial Crimes Enforcement Network (“FinCEN”) issued on February 24, 2021 “an [A]dvisory to alert financial institutions to fraud and other financial crimes related to Economic Impact Payments (EIPs), authorized by the...more

Nutter McClennen & Fish LLP

Nutter Bank Report: February 2021

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HUD, VA, and USDA Coordinate Extensions of COVID-19 Relief for Homeowners - The U.S. Department of Housing and Urban Development (HUD), the U.S. Department of Veterans Affairs (VA), and the U.S. Department of Agriculture...more

Cadwalader, Wickersham & Taft LLP

COVID-19 Update: CFPB Announces Results of its Prioritized Assessments of CARES Act and Other Borrower Protections in Light of...

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On January 19, 2021, the Consumer Financial Protection Bureau (CFPB or Bureau) published a special edition of its Supervisory Highlights focused on its COVID-19 Prioritized Assessments. As Cadwalader previously wrote, the...more

Fox Rothschild LLP

Civil Settlement In PPP Loan Fraud Case Opens New Battle Lines

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The U.S. Justice Department announced its first civil settlement with a Paycheck Protection Program borrower alleged to have committed fraud in connection with this highly popular COVID-19 relief program. A bankruptcy online...more

King & Spalding

CFPB Focus on Payday Lending: A Look Around the Corner

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With the change of administration in Washington, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) is widely expected to assume a posture of aggressive enforcement of consumer protection laws. One area that we...more

Bradley Arant Boult Cummings LLP

ADOR Affirms Deductibility of PPP Loan-Related Expenses but Unanswered Conformity Questions Remain

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The Alabama Department of Revenue issued helpful guidance on January 7, following its December 18, 2020 guidance implementing Governor Ivey’s landmark Supplemental Emergency Proclamation. The new guidance affirms the...more

White & Case LLP

Unlucky: Do the recent changes to the Federal Reserve’s powers under Section 13(3) of the Federal Reserve Act inhibit future...

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On December 27, 2020, the President signed into law the Consolidated Appropriations Act, 2021.Title X of Division N of that law ("Title X") contains several provisions that change the authority of the Board of Governors of...more

Schwabe, Williamson & Wyatt PC

PPP Loans Over $2 Million and the PPP Necessity Questionnaires - Update #2

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Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked some Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans over $2 million. There are...more

Bradley Arant Boult Cummings LLP

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

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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

Mitratech Holdings, Inc

Moving Center Stage – Vendor Risk Management & COVID-19

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Vendor Risk Management (VRM) featured heavily at the recent Mitratech Interact 2020 online conference.  That’s not surprising, considering the rising concerns about the risks posed by vendor and supplier networks – and how...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter - October 2020 #3

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Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). In response, Troutman Pepper developed a dedicated COVID-19 Resource Center to guide...more

Nutter McClennen & Fish LLP

Nutter Bank Report: September 2020

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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

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