Judge Sets March 15 for Trial Over San Francisco Credit Union Taxi Loans

A California judge has agreed to delay until March 15 the trial of a dispute between the San Francisco Federal Credit Union and city officials over who is responsible for taxi medallion loans whose values have plunged. In a suit filed in San Francisco County Superior Court, the San Francisco Federal Credit Union argues that the city’s transit agency agreed to sell transferable taxi medallions to drivers for $250,000. According to the suit, filed in March 2018, the city asked the credit union to assist in the sales by making loans to drivers purchasing the loans. In exchange, the credit

Federal Judge Says Lenders Not Required to Pay Firms that Help PPP Applicants

Financial institutions are not required to share the agent fee they receive from Paycheck Protection Program loans with accounting firms and others who help borrowers apply for the assistance, a federal judge ruled this week. Judge T. Kent Wetherell II of the U.S. District Court for the Northern District of Florida said that unless there is a specific agreement between a company and a lender, federal law does not require the lender to share the fee it receives with the firms. The ruling was made in the case, Sport & Wheat, CPA v. ServisFirst Bank, Inc., in which a small