Liz Hoffman
speaker
299 appearances
5 recordings
1 series
first heard Aug 2017
last heard Aug 2020
Liz Hoffman’s voice in public audio — every appearance, attributed to the second.
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Appearances
Banks are, in a sense, they're sort of tools of the law, where it's their job to flag suspicious activity, and if they need to, to refer it to law enforcement.
So banks have put in all of these systems that are designed through artificial intelligence, through manual processes, to flag things that have
historically shown a pattern of being associated with fraud or crime, but it's a pretty blunt instrument.
And they seem to have erred on the side of over-investigating rather than under-investigating here.
Some people have cleared it up with, for example, a letter from a certified public accountant saying that this is a legitimate business.
It's existed for years.
Like I said, one man we talked to had to convince the Secret Service that he wasn't a criminal.
It usually requires additional documentation.
Occasionally, loans have been returned to the SBA, which requires the borrower to go back and apply again.
And in the meantime, they don't have access to money that presumably they needed or that was replacing income that they've lost.
These are big banks, for the most part.
We talked to people who banked with Chase, and we talked to people who banked with tiny credit unions.
So it really seems to run the gamut.
Every bank handles these things a little bit differently.
But the sense we get is that banks are very wary of getting in trouble here.
You all remember the mortgage crisis when, yes, in addition to outright fraud, there was a lot of just shoddy paperwork and bad systems, and banks ended up paying billions and billions of dollars in fines because of that.
So they're very nervous about having been kind of dragooned into participating in this program that they're then going to end up in trouble in a couple of years.
And so my sense is that they are being aggressive and trying to root out any whiff of fraud.
Almost certainly, and the Small Business Administration has said as much, that their goal was speed, to get money out quickly to people who needed it.
And when you do that, you sacrifice some diligence that might otherwise prevent people from scamming the government.
Showing 21–40 of 299 · page 2 of 15
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