Ballard Spahr Offers Webinar on PPP Fraud and BSA/AML Issues

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Lending through the Paycheck Protection Program (“PPP”) ended on May 31, 2021. In just over a year, nearly 5,500 lenders made almost 12 million loans totaling $8 billion through two rounds of PPP lending. While lenders pivot to the forgiveness process of the PPP, Congress, regulators and enforcement agencies have been actively investigating the extent to which fraudulent borrowers exploited the PPP and how disadvantaged borrowers failed to benefit from it.   On July 12 at noon EST, we will conduct a webinar on these issues with our colleagues Thomas Burke and Lori Sommerfield, as well as Louis Bruno and Nelson Luis of EisnerAmper.

In this webinar, we will provide an overview of the PPP, discuss compliance challenges lenders face in both its prior lending decisions and ongoing forgiveness framework, as well as current and future trends that have emerged. Key topics include:

  • Enforcement activity and lender cooperation with investigations related to lenders’ PPP lending decisions and examinations of the compliance program;
  • BSA/AML compliance impact and the expectations to incorporate PPP lending risks into existing AML programs and anti-fraud controls;
  • Fair lending concerns and whether efforts to mitigate the risk of fraudulent borrowing resulted in discriminatory lending;
  • Potential fraud red flags and the types of fraud that can be associated with loan origination, forgiveness requests and forgiveness validation activities; and
  • Best practices to mitigate risk for bank and non-bank FinTech lenders.

There is no cost to attend. This program is not eligible for CLE credits.  Please register here before the webinar. Login details will be sent to all approved registrants. For more information, contact questions@ballardspahr.com.

If you would like to remain updated on these issues, please click here to subscribe to Money Laundering Watch. Please click here to find out about Ballard Spahr’s Anti-Money Laundering Team.