TOPIC: Paycheck Protection Program (PPP)

WEBINAR: Stress Testing and COVID-19

Do you know how #COVID19 is impacting your #portfolio? Do you know if you have enough #capital? How do you get answers during the middle of the #pandemic with rapidly changing economic conditions? Join us on Wednesday, July 29th at 9 a.m. PT to hear unique perspectives from a former CFO and a former COO on COVID-19 considerations for stress testing and changes in regulator expectations due to COVID-19. Register Today! 

    BSA Policy / Procedures for monitoring PPP loans for fraud

    Manager at a bank ($809MUSA)
    I am a new BSA Officer - our FI just created this position at the end of 2019, and then COVID! 
    With concerns about PPP loan fraud, is your financial institution / BSA Officer creating policy and procedures specific to monitoring the PPP loans?  And if no, why have you chosen not to?  And if yes, would you mind sharing?  Thank you.

      BID ARTICLE: PPP Fraud – How To Protect Your Institution

      Fraud during crises is not new. After the start of the pandemic, experts predicted billions of dollars in PPP money wouldn’t reach businesses due to fraud. We look at the areas community financial institutions should pay particular attention to. Read Article

        SBA Release of PPP Data May Lead to Uptick in Attacks

        On Monday, the U.S. Small Business Administration (SBA) released loan data for large Paycheck Protection Program (PPP) loans made to businesses over the past few months.  The data released contains some concerning information that all financial institutions (FIs) and their business customers must now take into consideration to protect against general fraud, targeted phishing and other types of social engineering, and corporate account takeover (CATO.)

        The data released by the SBA includes one very large spreadsheet of all PPP loans exceeding $150,000 with loan amount ranges, names of business recipients, associated address details, and the most concerning element: the lender.  Your customer names along with their lending partner.  What could possibly go wrong?  See our blog for more information:

          BSA Market Update – 5 Things You Need to Know in COVID-19 | Webinar

          Thursday, July 23, 2020
          2:00 PM ET / 1:00 PM CT
          Register now

          In a rapidly changing financial environment, BSA professionals are facing new challenges and obstacles daily with little guidance on how to handle them. Join us for a free webinar featuring a panel of fraud experts and BSA/AML professionals to talk about how financial institutions are handling the challenges associated with COVID-19, the Paycheck Protection Program, and ongoing economic downturn.

          Join this session to learn:
          • How financial institutions across the country are handling the economic crisis
          • Adaptations to adjust to banking in a COVID-19 world
          • Expert opinions on the rest of 2020 and what it means for financial crime professionals
          • How to keep your community safe throughout uncertainty
          Save your seat!