On 5/22/2020, the Small Business Administration (SBA) issued two interim final rules implementing the Paycheck Protection Program (PPP). The first interim final rule provides requirements for loan forgiveness while the second explains the SBA loan review procedures and related borrower and lender responsibilities.

On May 22, 2020, the Federal Trade Commission (FTC) announced a charge against a payday lending enterprise for deceptively overcharging consumers millions of dollars and withdrawing money repeatedly from consumers’ bank accounts without their permission. According to the FTC’s press release, the defendants used deceptive marketing tactics through Internet websites and telemarketing to convince consumers that their loans would be repaid in a fixed number of payments, though, the FTC alleges, consumers found that long after the promised number of payments had been made, the defendants had applied their funds to finance charges only and were continuing to make regular finance-charge only withdrawals from their checking accounts.

On 5/21/2020, the CFPB issued a complaint bulletin that reflects complaint data from complaints submitted in 2020 containing coronavirus keywords.

On 5/21/2020, the Small Business Administration (SBA) issued a procedural notice to inform Paycheck Protection Program (PPP) Lenders of the reporting process through with PPP Lenders will report on PPP loans and collect the processing fee on fully disbursed loans which they are eligible to receive. The 8-page document provides about 20 questions and answers for PPP lenders in regards to a number of topics such as their fees, lender responsibilities, and ongoing reporting requirements.

On 5/21/2020, the National Credit Union Administration Board held its fourth open meeting of 2020 via a live webcast. During this meeting the NCUA Board approved two items:

• An interim final rule that makes two temporary changes to the agency’s prompt corrective action regulations providing relief to credit unions that temporarily fall below well capitalized.

• A proposed rule that would provide an alternative method to satisfy the membership card or account signature card requirement.

On 5/19/2020, the Federal Trade Commission issued a warning about COVID-19 contact tracing text message scams. The article explains how scammers are sending fake contact tracing text messages that include a link, that will actually download software onto your device and give scammers access to personal and financial information. The article concludes with several ways consumers can filter unwanted text messages as well as several other steps consumers can take to protect themselves from scammers.