US: NEW SELECT SUBCOMMITTEE REPORT REVEALS HOW FINTECH COMPANIES FACILITATED FRAUD IN THE PAYCHECK PROTECTION PROGRAM DURING COVID PANDEMIC

On 1 December, the US House of Representatives Select Subcommittee on the Coronavirus Crisis released a staff report detailing the poor performance of many financial technology companies (fintechs) in administering the largest pandemic relief program, the Paycheck Protection Program (PPP).  The report details how the investigated companies, despite being tasked with processing PPP applications while screening out those with signs of fraud, abdicated that responsibility — in many cases recklessly — resulting in the approval of large numbers of fraudulent applications.

https://coronavirus.house.gov/news/press-releases/clyburn-fintech-fraud-ppp-doj-sba

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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