Posts by Coleman Report

February 1, 2023 Joseph ColemanEditor The Department of Financial Protection & Innovation has released portal filing instructions for franchise registrations in the state of California. New Portal Account Registration: If you are creating a new portal account to file a Franchise application, use Option B Your account should be approved within five (5) business days.…

January 31, 2023 Joseph ColemanEditor The California Department of Financial Protection and Innovation (DFPI) announced today that it has issued enforcement actions against multiple debt collectors for unlicensed activity under the Debt Collection Licensing Act (DCLA) and unlawful and deceptive acts or practices in violation of the California Consumer Financial Protection Law (CCFPL). The subjects…

January 31, 2023 Delaney SextonContributing Editor SBA Hot Topic Tuesday – Senate Proposes Payroll Tax Relief for RRF Applicants “While the American Rescue Plan saved thousands of restaurants, its Restaurant Revitalization Fund left too many behind. I believe we need to replenish the Fund and will keep pressing to do so. We are re-introducing the…

January 30, 2023 Delaney SextonContributing Editor Main Street Monday – White House Holds Roundtable About Access to Capital for Small Businesses Last week, a roundtable was held to discuss capital access, technical assistance, and support for small businesses. The Administrator of the SBA, Isabel Guzmán, and many government officials met with small business leaders, advocates,…

January 27, 2023 Delaney SextonContributing Editor Fraud Friday – Yellowstone Capital Reaches $27 Million Settlement for Predatory Small Business Lending Practices “The predatory lenders in this case padded their profits by preying on small business owners struggling to keep their doors open,” says Attorney General Platkin. “Through this settlement we stood up to these illegally-profiteering…

January 26, 2023 Delaney SextonContributing Editor Coleman Movers & Shakers – Joseph Vereline and Brad Cantrell Joseph Vereline Joins Union Savings Bank as VP, Head of Business Banking “Joe has extensive experience with small business lending and is a welcomed addition to our Business Banking team,” says Marlene Piche, Senior Vice President of branch and…

Joseph ColemanManaging Editor As a result of SB 1415, state-chartered banks and credit unions are required to notify the Department of Financial Protection and Innovation (DFPI) annually of the revenue they received from fees on nonsufficient funds and overdraft charges during the calendar year. These reports are due by March 1 so the DFPI can…

January 25, 2023 Delaney SextonContributing Editor C-Suite Wednesday – BREAKING NEWS Popular Bank Fined $2.25 Million for Unsound Lending Practices The Board of Governors imposed a $2.25 million civil money penalty on Popular Bank based on the following actions with regard to the Paycheck Protection Program. Popular Bank processed and funded six PPP loans worth…

January 24, 2023 Delaney SextonContributing Editor SBA Hot Topic Tuesday – 7(a) Dollars are Up 50% in Fiscal Year 2023 In fiscal year 2023, the 7(a) loan program is on the rise again after slowing down during the pandemic. Since the end of the first quarter of FY23, the SBA has approved almost $6.8 billion…

January 23, 2023 Delaney SextonContributing Editor Main Street Monday – Small Businesses Spending 12% Less on Capital Expenditures “The continuing inflationary environment underscores the need for careful cash flow management in both expenditures and revenues. Cash outflows need to be well-timed to match cash inflows from customer revenues. Small businesses accomplished this in 2022 by…