Coleman Report

October 26, 2021 Delaney SextonContributing Editor Hot Topic Tuesday – OIG Investigated $335 Million in Loan Agent Fraud in the Last Decade “Lenders often rely on the services of loan agents and lender service providers to help originate, close, service, and liquidate SBA loans of traditional SBA 7(a) and 504 Certified Development Company loans are…

October 25, 2021 Delaney SextonContributing Editor Main Street Monday – 85% of Temporarily Closed Business are Reopened in Quarter 3 2021 “After a surge in COVID cases in Q3, the impact of the delta variant on businesses appears to have been less drastic than originally forecasted – after a slight dip in August, hiring and…

October 22, 2021 Delaney SextonContributing Editor Fraud Friday – Business Owner was Sentenced 2 Years in Prison for Embezzling From Business Partner and Financial Institutions The owner of a commercial flooring business was sentenced to two years in prison for embezzling more than a million dollars from his business partner and financial institutions. From 2011…

October 21, 2021 Delaney SextonContributing Editor Coleman Movers & Shakers – John Hays, Jesus Zavala, and NADCO Board of Directors Plumas Bank Announces John Hays as SVP, Regional Ag Business Lending Officer Executive Vice President and Chief Banking Officer, BJ North, remarks, “John is a proven leader in the ag industry and a trusted advisor…

October 20, 2021 Delaney SextonContributing Editor C-Suite Wednesday – OIG Cites $90 Billion in Potentially Fraudulent PPP and EIDL Loans ”In March 2020, the Coronavirus Disease 2019 (COVID-19) pandemic catapulted the U.S. Small Business Administration (SBA) into the spotlight as the primary agency responsible for providing nationwide assistance to small businesses. Since then, SBA has…

October 19, 2021 Delaney SextonContributing Editor Hot Topic Tuesday – The 7(a) and 504 Program Funded Over $44.75 Billion in Loans On October 12th, the SBA held a 7(a) Quarterly Connect Call that reviewed the final lending statistics for the fiscal year 2021. By September 30, 2021, almost 52,000 7(a) loans were approved (51,856) which…

October 18, 2021 Delaney SextonContributing Editor Main Street Monday – 42% of Small Businesses Raised Employee Compensation in September “Small business owners are doing their best to meet the needs of customers but are unable to hire workers or receive the needed supplies and inventories,” says NFIB Chief Economist Bill Dunkelberg. In the NFIB’s September…

October 15, 2021 Delaney SextonContributing Editor Fraud Friday – Two Bank Managers Sentenced to Six and Thirty Months for Loan Fraud “Bank employee Herode Chancy used fake businesses, doctored bank statements, and stolen identities in an effort to obtain over $1 million in commercial loans. Now Chancy has rightly been sentenced to prison for his…

October 14, 2021 Delaney SextonContributing Editor Coleman Movers & Shakers – Drew Saito, Mira Srinivasan, and Chris Hemmings Locality Bank IO Announced Drew Saito as a Co-Founder and Chief Lending Officer “The growing Locality Bank team has the experience to revive community banking in South Florida,” says Keith Costello, CEO & Co-Founder of Locality Bank…

October 13, 2021 Delaney SextonContributing Editor C-Suite Wednesday – The Consumer Financial Protection Bureau’s Proposed Loan Data Collection Rule The Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking on September 1st, and on October 8th, they published their proposed rule to implement Section 1071 of the Dodd-Frank Wall Street Reform and Consumer…