Treasury Reveals Big Firms That Got Millions in Virus Loans
The Trump administration finally put out a partial list of small business borrowers Monday, revealing a wide spectrum of companies tapped stimulus funds.
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lending
Supreme Court Nixes Robocall Exception for Federal Loans
The Supreme Court on Monday struck down an exception for government debt collection in a federal ban on robocalls, though it declined the invitation of a group of political professionals to strike down the ban entirely.
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Audit of Stimulus Hiccups Hits Wall Street With a Thud
The federal government’s response to the coronavirus recession has helped prop up flailing companies and families, but it is also riddled with problems.
Read moreAuto Financing
Under the terms of a settlement filed in federal court in California, Wells Fargo will pay $1.185 million and change its lending practice for direct auto financing to offer DACA recipients loans under the same terms and conditions available to U.S. citizens.
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Small Business Owners Urge Feds to Improve Loan Program
While those participating in a federal loan program aimed at helping small businesses ride out the coronavirus pandemic generally praised the initiative to lawmakers Wednesday, they called on the government to take steps to make it run more smoothly.
Read moreGermany Will Require Virus in Pets to Be Reported
The German government plans to introduce an obligation that cases of coronavirus in pets be reported to authorities. It says the move is needed to assist research on the virus.
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Trump Invokes Floyd in Victory Lap Over Rousing Jobs Report
Saying that the unarmed black man killed last week in Minneapolis would be proud, President Donald Trump raised eyebrows with off-the-cuff remarks as he touted Friday’s better-than-expected jobs numbers while formalizing changes to a loan program for small businesses
Read moreDiscrimination
A federal class action claims that JPMorgan Chase Bank assigns Latino loan officers to branches whose clients lack the income and credit scores needed to qualify for loans but holds them to the same standards as employees at more affluent branches.
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House Loosens Standards for Small Businesses Virus Loans
The House of Representatives approved changes Thursday that give the federal small business lending program greater flexibility to help pandemic-rattled businesses.
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Bullish Streak Loses Steam as Dow Closes on a Low
Two days of massive gains ended with a thud as Wall Street finished Thursday barely above its morning starting point.
Read moreBanks in Pandemic
A federal class action accuses Pacific Premier Bancorp of refusing to pay a 1% fee, required by the CARES Act, to agents who secured loans under the paycheck protection program.
Read moreAuto Loans
Santander Consumer USA will pay $65 million to 33 states and the District of Columbia and forgive nearly $500 million more in debts to settle claims that its subprime auto lending business exposed consumers to “unnecessarily high levels of risk.”
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Powell, Mnuchin Defend Federal Response to Economic Crisis
Federal Reserve Chair Jerome Powell told a Senate panel on Tuesday he expects federal initiatives meant to stabilize the economy during the coronavirus pandemic will be up and running by the end of the month.
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Mnuchin to Face Grilling About Small-Business Loans
Treasury Secretary Steven Mnuchin was expected to come under tough questioning from senators Tuesday about a small business lending program included in the government’s $2 trillion relief package.
Read moreLoan Offers
An appeals court in California reversed a judgment in favor of CashCall and LoanMe, which were sued for allegedly accessing a woman’s credit report without the requisite intent to make a “firm offer of credit.” The lenders did not submit any evidence that they followed through on any loan offers mailed to hundreds of thousands of people.
Read moreErotic Dance
A Chicago “erotic dance club” sued the U.S. Small Business Administration in federal court for excluding it from the Paycheck Protection Program, which it calls an unconstitutional restriction on speech.
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Expelling Big Business From Aid Program Spurs Rancor in America
Companies that wrongfully took loans intended for small businesses ravaged by Covid-19 shutdowns have an extra week to return them, but banks likely are off the hook for any penalties.
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‘Any Day Now’: Pandemic Loans Keep Small Business on Its Toes
The Small Business Administration’s lending program has improved its processes, but for many banks and businesses struck by the Covid-19 downturn it is “second verse, same as the first.”
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Feds to Audit Companies Taking Over $2M in Covid Aid
U.S. Treasury Secretary Steve Mnuchin announced plans Tuesday to conduct a full audit of the largest recipients of emergency small business loans through a coronavirus relief program.
Read morePayday Loans
Payday Money Centers sued the U.S. Small Business Administration in federal court, claiming Congress’s Covid-19 Paycheck Protection Program discriminates against “financial businesses primarily engaged in the business of lending.”
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