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White Collar + Fraud + Investigations + Compliance

Posts from June 2022.

Now that the dust has settled, it's unsurprising that these more complicated Paycheck Protection Program ("PPP") fraud schemes are beginning to surface. Here, the DOJ criminally charged eight defendants related to fraudulently obtained PPP loans, Economic Injury Disaster loans ("EIDL"), and Small Business Administration ("SBA") loans. These allegations would obviously implicate False Claims Act and FIRREA violations as well given the inherent overlap. And, I have no doubt that as DOJ continues to uncover and investigate pandemic-related loan schemes (and whistleblowers continue to come forward) we will see more civil penalties and resolutions involving this type of conduct.

Today, the CFPB published an advisory opinion noting its interpretation of Section 808(1) of the Fair Debt Collection Practices Act (the "FDCPA") as it relates to pay-to-pay fees charged by debt collectors. In short, CFPB opined that the FDCPA prohibits debt collectors from collecting pay-to-pay or “convenience” fees when those fees are not expressly authorized by the agreement creating the debt or expressly authorized by law. This opinion further underscores the CFPB's focus on add-on fees and the real-life impact that these fees have on American consumers.

Topics: CFPB
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