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Fair Lending
Officials have dumped an enormous amount of money into the economy in a matter of weeks. That means the environment is ripe for fraud.
Once again, lenders across the US have been inundated with applications and are struggling to keep up with demand
Data indicates that banks have earned more than $20 billion in fees from processing PPP loans so far
The Paycheck Protection Program has provided loans to almost half of businesses in every state – and in some it has reached much more
Authorities have inquired about Wells Fargo’s handling of PPP loans, according to a regulatory filing
The Fed is boosting several pandemic aid programs, including the PPP, as data shows more than half of its first expansion has been used up
New York-based Signature Bank says roughly 14% of its loan book is seeking to defer payments as the pandemic challenges cashflow
Bank of America was sued by plaintiffs alleging that the bank violated the CARES Act by prioritizing borrowers with existing lending relationships and did not allow applicants without such relationships…
Pressure and opportunity combine to bring large banks home
Lawsuit alleges unfair business practices by prioritizing borrowers who were seeking larger loan amounts rather than a good faith effort to take business on a first come first serve basis
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