U.S. banks and credit unions reported skyrocketing levels of suspected business-loan fraud last month, a period that coincided with growing awareness of scams involving government small-business aid programs.
Partnering with the account-opening software firm Mantl, the New Jersey bank created a CD campaign that helped fund its Paycheck Protection Program lending.
It's been six weeks since the Paycheck Protection Program expired and banks started filing forgiveness applications on behalf of borrowers. So why isn't the Small Business Administration responding?
Bank of America's Managing Director for Small Business Sharon Miller led the company's involvement in the Paycheck Protection Program, which produced more than 343.000 loans, most in the country.
The San Diego bank first considered finding a buyer two years ago and had offers in early 2019. The price of the deal it finally reached in the throes of the pandemic was much lower than some earlier offers.
Bank of America Chief Executive Brian Moynihan called for another round of federal stimulus to help the U.S. reach a full economic recovery from the coronavirus pandemic.
Legislation favorable to the industry would be unlikely to pass in a divided Congress, but the biggest benefit for banks and credit unions of Republicans retaining control of the chamber would be defending against the disruption of a Democratic blue wave.
Lenders press Congress to restart — and revamp — the Paycheck Protection Program; Fed corrects stress test error for Morgan Stanley, Goldman Sachs; M&T's new fintech unit rolls out first product; and more from this week's most-read stories.
