In fact, the study identified $76.3 billion in potentially fraudulent loans, $21.3 billion of which were originated by FinTech lenders and further found that FinTech loans are more than 3.5 times as likely to be initiated by someone with a criminal background.
As a result, the study has led to negative press coverage and increased reputational risk for some FinTech lenders. In a StoneTurn Client Alert, Julie Copeland and Ryan LaRue suggest three practical steps FinTech lenders must consider to mitigate legal and reputational risks related to the PPP loan study.
Read the Client Alert.
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