SBA Failed to Inform PPP Borrowers About Loan Offsets: IG Report

In April, the Small Business Administration indicated that SBA Economic Injury Disaster Loan Advances would be treated as grants, but now says the forgiven amount of a Paycheck Protection Program loan must be reduced by the EIDL Advance, causing trouble for both borrowers who owe the money and the lenders who will have the unforgiven part of the PPP loan on their balance sheets. Meanwhile, the SBA’s Inspector General released a devastating report that thousands of ineligible businesses received PPP loans.

Key CFPB Staffer Joins ABA

Kirsten Sutton, chief of staff for Consumer Financial Protection Bureau Director Kathleen Kraninger, has been named senior vice president and executive director of the American Bankers Association’s Card Policy Council.

The Card Policy Council handles legislative, regulatory and communications issues facing credit card issuers and payment card networks.

Pandemic Has Not Slowed Credit Union PACs

The coronavirus pandemic has slowed down much of Washington. The halls of the Capitol appear empty. Charlie Palmer Steak, a restaurant that usually serves power lunches to the well-connected, is temporarily shuttered. Lobbyists are meeting on Zoom and other similar platforms. But the political fundraising machine grinds on. The political action committees operated by the nation’s two largest credit union trade groups, the Credit Union National Association and the National Association of Federally Insured Credit Unions, continue to fuel that machine with millions of dollars in campaign contributions to House and Senate candidates across the country. By the end of