Business News
NORTH COAST, Calif. – Savings Bank of Mendocino County with banks across the nation and the American Bankers Association are simultaneously launching the #BanksNeverAskThat campaign on Oct. 1 to mark the beginning of National Cybersecurity Awareness Month.
This first-of-its-kind, industry-wide campaign is designed to educate consumers about the persistent threat of phishing scams.
The FTC estimates that consumers lost 1.9 billion to phishing schemes in 2019.
To combat phishing, the #BanksNeverAskThat campaign provides tips to empower consumers to identify bogus bank communications. It’s not just phone calls from suspicious numbers. It’s also emails and text messages masked to look like they’re from your bank asking for sensitive information like passwords and social security numbers.
If you’re contacted by phone, email or text and are asked for your account number, username, password or Social Security number, that’s not your bank.
Watch out for emails with misspelled words, poor grammar or that ask you to click a link or provide personal information. The sender may claim to be someone from your bank, but it’s a scam.
Your bank will never ask you to sign in or give personal information via text message.
Would your bank ever call you to verify your account number? No! If you’re ever in doubt that the caller is legitimate, just hang up and call the bank directly at a number you trust.
You’ve probably seen some of these scams before. But that doesn’t stop a scammer from trying.
Do you think you fell for a scam email, phone call or text message? Here’s what to do next: Take a deep breath. You’re going to get through this. Change your passwords. Call your bank and let them know what happened. Notify credit agencies and set up fraud alerts. Protect yourself moving forward by adding multi-factor authentication.
For anti-phishing tips follow Savings Bank of Mendocino County on Facebook and Instagram and test your scam IQ by taking a 5-minute quiz at www.BanksNeverAskThat.com.
Share your scam spotting score on Twitter for a chance to win weekly prizes courtesy of the American Bankers Association.
Each Friday in October the ABA will draw 15 winners. One lucky grand-prize winner will receive $1,000. Will it be you?
This first-of-its-kind, industry-wide campaign is designed to educate consumers about the persistent threat of phishing scams.
The FTC estimates that consumers lost 1.9 billion to phishing schemes in 2019.
To combat phishing, the #BanksNeverAskThat campaign provides tips to empower consumers to identify bogus bank communications. It’s not just phone calls from suspicious numbers. It’s also emails and text messages masked to look like they’re from your bank asking for sensitive information like passwords and social security numbers.
If you’re contacted by phone, email or text and are asked for your account number, username, password or Social Security number, that’s not your bank.
Watch out for emails with misspelled words, poor grammar or that ask you to click a link or provide personal information. The sender may claim to be someone from your bank, but it’s a scam.
Your bank will never ask you to sign in or give personal information via text message.
Would your bank ever call you to verify your account number? No! If you’re ever in doubt that the caller is legitimate, just hang up and call the bank directly at a number you trust.
You’ve probably seen some of these scams before. But that doesn’t stop a scammer from trying.
Do you think you fell for a scam email, phone call or text message? Here’s what to do next: Take a deep breath. You’re going to get through this. Change your passwords. Call your bank and let them know what happened. Notify credit agencies and set up fraud alerts. Protect yourself moving forward by adding multi-factor authentication.
For anti-phishing tips follow Savings Bank of Mendocino County on Facebook and Instagram and test your scam IQ by taking a 5-minute quiz at www.BanksNeverAskThat.com.
Share your scam spotting score on Twitter for a chance to win weekly prizes courtesy of the American Bankers Association.
Each Friday in October the ABA will draw 15 winners. One lucky grand-prize winner will receive $1,000. Will it be you?
- Details
- Written by: Lake County News Reports
SACRAMENTO – California Attorney General Xavier Becerra joined a coalition of 18 attorneys general in a comment letter opposing a proposed Small Business Administration rule governing the appeals process for an emergency loan program designed to help small businesses during the pandemic.
As the COVID-19 pandemic spurred layoffs across the nation in March, the federal government created the Paycheck Protection Program, or PPP, loan as part of the Coronavirus Aid, Relief, and Economic Security Act or CARES Act to provide a direct incentive for small businesses to keep their workers on the payroll during the COVID-19 pandemic.
The program allowed the SBA to guarantee and forgive the full principal loan amount if businesses used the funds to cover payroll and other select expenses.
However, on Aug. 27, the SBA issued an interim final rule outlining the appeals process for PPP loan review decisions.
In the comment letter, the coalition argues the rule would make it harder for small businesses to access needed relief by setting up an appeals process that lacks transparency, is detrimental to borrowers' rights, and violates due process.
“Small businesses have taken a crushing hit in this COVID-19 pandemic, and the last thing they need is bureaucratic red tape and cryptic decisions about why they were denied a loan or loan forgiveness,” said Attorney General Becerra. “Many businesses are simply trying to stay afloat right now, and these loans from the Paycheck Protection Program are critical. This proposed rule is confusing and puts borrowers at a disadvantage – we need to do better to protect small businesses during this unprecedented pandemic.”
For many businesses suffering during the COVID-19 pandemic, a PPP loan is the only way to stay in business. However, not all small businesses have the resources to defend their PPP loan in response to an SBA investigation, and as a result, rely heavily on appealing adverse loan decisions.
The new rules apply to the appeals process in instances when the SBA determines that a borrower was ineligible for the PPP loan, was ineligible for the PPP loan amount received, or is ineligible for PPP loan forgiveness.
The attorneys general argue that the appeals procedure established by the proposed rule is confusing and puts borrowers at a disadvantage.
Attorney General Becerra and the coalition urge the SBA to establish an appeals process for PPP loan decisions in which each level of review is independent and neutral. This would ensure that the same individual who made an initial decision regarding the loan could not review an appeal of their own decision.
In its comment letter, the coalition also argues that the proposed rule:
– Fails to articulate procedures for initial loan decisions: The SBA has failed to articulate how it evaluates PPP loans in its investigations. This means that while filing an appeal, the borrower does not know what facts or law the SBA considered in its loan review decision. Additionally, the lack of procedures leaves borrowers’ confidential information unprotected from disclosure.
– Creates a circular review process with no outside oversight: Without independent and neutral decision-makers, the proposed rule denies borrowers due process and violates the Administrative Procedures Act.
– Lacks fair procedures: The proposed rule requires borrowers to file a petition of appeal before release of the administrative record, upon which their appeal depends.
– Is unfair: The proposed rule forces borrowers to continue to make payments on a loan while they await an outcome of their appeal on the denial of forgiveness of that loan.
Attorney General Becerra joined the attorneys general of Illinois, Connecticut, Delaware, Hawaii, Iowa, Maryland, Massachusetts, Minnesota, Nevada, New Mexico, New York, Rhode Island, Oregon, Virginia, Vermont, Washington, and the District of Columbia in sending the comment letter.
As the COVID-19 pandemic spurred layoffs across the nation in March, the federal government created the Paycheck Protection Program, or PPP, loan as part of the Coronavirus Aid, Relief, and Economic Security Act or CARES Act to provide a direct incentive for small businesses to keep their workers on the payroll during the COVID-19 pandemic.
The program allowed the SBA to guarantee and forgive the full principal loan amount if businesses used the funds to cover payroll and other select expenses.
However, on Aug. 27, the SBA issued an interim final rule outlining the appeals process for PPP loan review decisions.
In the comment letter, the coalition argues the rule would make it harder for small businesses to access needed relief by setting up an appeals process that lacks transparency, is detrimental to borrowers' rights, and violates due process.
“Small businesses have taken a crushing hit in this COVID-19 pandemic, and the last thing they need is bureaucratic red tape and cryptic decisions about why they were denied a loan or loan forgiveness,” said Attorney General Becerra. “Many businesses are simply trying to stay afloat right now, and these loans from the Paycheck Protection Program are critical. This proposed rule is confusing and puts borrowers at a disadvantage – we need to do better to protect small businesses during this unprecedented pandemic.”
For many businesses suffering during the COVID-19 pandemic, a PPP loan is the only way to stay in business. However, not all small businesses have the resources to defend their PPP loan in response to an SBA investigation, and as a result, rely heavily on appealing adverse loan decisions.
The new rules apply to the appeals process in instances when the SBA determines that a borrower was ineligible for the PPP loan, was ineligible for the PPP loan amount received, or is ineligible for PPP loan forgiveness.
The attorneys general argue that the appeals procedure established by the proposed rule is confusing and puts borrowers at a disadvantage.
Attorney General Becerra and the coalition urge the SBA to establish an appeals process for PPP loan decisions in which each level of review is independent and neutral. This would ensure that the same individual who made an initial decision regarding the loan could not review an appeal of their own decision.
In its comment letter, the coalition also argues that the proposed rule:
– Fails to articulate procedures for initial loan decisions: The SBA has failed to articulate how it evaluates PPP loans in its investigations. This means that while filing an appeal, the borrower does not know what facts or law the SBA considered in its loan review decision. Additionally, the lack of procedures leaves borrowers’ confidential information unprotected from disclosure.
– Creates a circular review process with no outside oversight: Without independent and neutral decision-makers, the proposed rule denies borrowers due process and violates the Administrative Procedures Act.
– Lacks fair procedures: The proposed rule requires borrowers to file a petition of appeal before release of the administrative record, upon which their appeal depends.
– Is unfair: The proposed rule forces borrowers to continue to make payments on a loan while they await an outcome of their appeal on the denial of forgiveness of that loan.
Attorney General Becerra joined the attorneys general of Illinois, Connecticut, Delaware, Hawaii, Iowa, Maryland, Massachusetts, Minnesota, Nevada, New Mexico, New York, Rhode Island, Oregon, Virginia, Vermont, Washington, and the District of Columbia in sending the comment letter.
2020-09-28 Final Ppp Comment by LakeCoNews
- Details
- Written by: Lake County News Reports
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