GeneralBearishDaily Hodl · 4h ago5/10
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Billion-Dollar Bank Paying $4,919,631 To Settle Accusations of Unjust Enrichment After Forgiving Ineligible Payment Protection Program Loan
Regions Bank, a $157.4 billion asset Alabama-based institution, has agreed to pay $4.9 million to settle Department of Justice allegations that it improperly forgave a Paycheck Protection Program loan for an ineligible borrower in August 2021. The settlement addresses charges of unjust enrichment stemming from the bank's approval of PPP loan forgiveness despite the applicant's ineligibility under pandemic-relief program guidelines.
