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Compliance

How PPP Forgiveness Will Work

How PPP Forgiveness Will Work

The SBA has published details of how borrowers using the $669 billion lending program can have their loans forgiven
How to Commit Stimulus Fraud

How to Commit Stimulus Fraud

Officials have dumped an enormous amount of money into the economy in a matter of weeks. That means the environment is ripe for fraud.
Banks Eye Revenue Boost From COVID-19 Support Packages

Banks Eye Revenue Boost From COVID-19 Support Packages

Data indicates that banks have earned more than $20 billion in fees from processing PPP loans so far
Individual Accountability in AML Actions

Individual Accountability in AML Actions

The Financial Crimes Enforcement Network (FinCEN) has imposed a $450,000 civil money penalty on a former compliance / chief operational risk officer
Banks Update on PPP Loans as Wells Fargo Probed

Banks Update on PPP Loans as Wells Fargo Probed

Authorities have inquired about Wells Fargo’s handling of PPP loans, according to a regulatory filing
Israeli Bank Fined $874m Over Links to FIFA Corruption Scandal

Israeli Bank Fined $874m Over Links to FIFA Corruption Scandal

Bank Hapoalim and its Switzerland-based subsidiary have admitted money-laundering charges involving soccer officials
Class Action Lawsuits Attack Banks' Implementation of CARES Act Lending Program

Class Action Lawsuits Attack Banks' Implementation of CARES Act Lending Program

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 to apply
Chase Accused of Pushing Small Businesses to the back of The Line

Chase Accused of Pushing Small Businesses to the back of The Line

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
Banks Demand Additional Funding for PPP

Banks Demand Additional Funding for PPP

$248 billion has already been loaned to small businesses across the US, according to new data
Cost of Compliance Expected to Hit $181bn

Cost of Compliance Expected to Hit $181bn

Complex regulations and required manpower are pushing costs higher, but fraud attempts are rising

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