District court orders SBA to release PPP, EIDL loan information
The U.S. District Court for the District of Columbia last week ordered the Small Business Administration (SBA) to release the names, addresses, and loan amounts for all paycheck protection program (PPP) and economic injury disaster loan (EIDL) recipients by Nov. 19, 2020.
The order follows Freedom of Information Act (FOIA) requests, which the SBA attempted to appease through the release of their loan-level data earlier this year – without the names, addresses or specific amounts of each loan.
In response to the earlier requests, the SBA argued that FOIA exemptions 4 and 6 protected this information by shielding from the disclosure of any “commercial or financial information obtained from a person and privileged or confidential,” as well as “personnel and medical files and similar files the disclosure of which would constitute a clearly unwarranted invasion of personal privacy.”
Through the new order, the district court explained that it found the disclosure of the information would dramatically outweigh any limited private interest in non-disclosure.
NAFCU continues to work closely with the SBA, Treasury Department, and Congress to make improvements to the PPP and secure guidance needed to ensure credit unions can lend effectively through the program.
The association has also actively sought automatic forgiveness of small dollar PPP loans for the benefit of both small businesses and credit unions that are recovering from the coronavirus pandemic and may have strained financial and human resources.
Add to Calendar 2020-12-01 09:00:00 2020-12-01 09:00:00 Beyond the Pandemic Risk Series [Part 1]: Pandemic-Related Lending Portfolio Risks Listen On: Key Takeaways: [08:05] The most critical data that you can get your hands on would be any data that would provide you early indicators that there is going to be a delinquency issue. [10:35] One non-negotiable is that credit unions have a monitoring program that allows them to understand your risk exposure at any point in time. [13:57] Right now we can’t under-score social media; because we all interact virtually, there is a lot of good analytic and trending data that can be provided via social media. As long as you are doing that in a compliant and appropriate manner. Web NAFCU email@example.com America/New_York public
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