LA Law Firm Sues Nearly 5,000 Banks Claiming Billions Unfairly Pocketed in Processing Fees for Government Loan Program
A Los Angeles law firm Monday sued nearly 5,000 banks and lenders in an effort to recover $3.85 billion allegedly collected unfairly by financial institutions as administrative fees during the first round of payment protection funding for small businesses. According to the lawsuit, filed in Los Angeles federal court by the firm of Geragos & Geragos, thousands of financial institutions…
Billionaire entrepreneur Mark Cuban said Monday that the recently launched small business loan program has been beset by challenges that could impact the long-term outlook for companies.
As the number of unemployed Americans soars because of the coronavirus pandemic, federal regulators are looking for ways to get cash into the hands of those who need it now. One new initiative: get more banks and credit unions to offer small personal loans at low rates. Five federal agencies — the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit...