NEW YORK/BOSTON U.S. federal agencies have begun scrutinizing lenders for potential misconduct when distributing $525 billion in pandemic aid to struggling small businesses, according to half a dozen people with knowledge of the matter, regulatory filings and statements. The sources told Reuters the scrutiny of banks' roles in the Paycheck Protection Program (PPP) is preliminary and it was not yet clear if it would lead to formal probes. However, it is the strongest sign yet that some lenders could potentially face civil or even criminal charges relating to the program, in addition to borrowers who stole funds. The Department of Justice, the bailout oversight body, known as the Pandemic Response Accountability Committee (PRAC), and the Small Business Administration's (SBA) internal watchdog are among the agencies exploring whether lenders broke the program's rules or other lending regulations, according to two people with direct knowledge of the matter and regulatory filings.
NEW YORK Investors and financial executives took a big sigh of relief on Saturday after major networks declared Democrat Joe Biden winner of the U.S. presidential election, offering some certainty after days of conflicting reports about who might run the White House next term.
TOKYO/NEW YORK Global stocks eyed an all-time peak while the dollar and U.S. bond yields stayed sluggish on Friday on hopes that a divided U.S. legislature would hinder large government borrowing, which could pave the way for even more central bank stimulus.
TOKYO/NEW YORK, Nov 6 A gauge of Asian shares
rallied to a near three-year peak while the dollar stayed
sluggish and U.S. bond yields slipped on Friday in anticipation
that a divided U.S. legislature would limit major policy changes
and keep the status quo on economic policies.
BOSTON/NEW YORK/WASHINGTON Banks that facilitated the U.S. government's Paycheck Protection Program at first saw the effort as a small revenue booster with a patriotic bonus, shepherding $525 billion in loans to businesses slammed by the fallout of the COVID-19 pandemic.
NEW YORK Global shares bounced on Friday while safe havens such as the dollar were on the defensive as investors welcomed news that drugmaker Pfizer Inc could have a coronavirus vaccine ready in the United States by the end of this year.
NEW YORK, Oct 16 Global shares rose on Friday
while safe-havens such as the dollar softened as investors
welcomed news that drugmaker Pfizer Inc could have a
coronavirus vaccine ready in the United States by the end of