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Amicus Brief in Paycheck Protection Program Case (20-1438)

WASHINGTON  -  April 27, 2020  -  PRLog  -- The U.S. Court of Appeals for the Fourth Circuit today posted a "Friend of the Court" brief filed by William Michael Cunningham in Profiles, Inc. v. Bank of America Corporation. The case, 20-cv-1438, requests an injunction to stop Bank of America from limiting Paycheck Protection Program (PPP) applications. According to news reports, "Bank of America initially would only accept paycheck protection loan applications from small business clients that were active borrowers at the bank." Our brief explains why the bank would impose such restrictive and limiting conditions on the allocation of public funds in the middle of a national crisis. We include data from our new national survey of small businesses launched on Thursday, April 23rd  on the Paycheck Protection Program and the Economic Injury Disaster Loan Emergency Advance (EIDL) Program. The survey is intended to get a true picture of how effective the lending programs ha

We are one of the premier firms in understanding and analyzing Environmental, Social and Governance (ESG) trends

We are one of the premier firms in understanding and analyzing Environmental, Social and Governance (ESG), Corporate Social Responsibility (CSR), and impact investing trends. Our work has focused on long-term changes that will affect and influence the economy, financial system, society and environment at large: We developed the first targeted Mortgage-backed Security (MBS) investment CRA securitization, an MBS pool backed by loans from minority financial institutions. We designed and created the investment in 1992. (See: https://www.creativeinvest.com/wglelca.pdf ) On June 15, 2000, we testified before the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises (GSE’s) of the US Congress. We suggested that the GSE’s (Fannie Mae and Freddie Mac) be subject to a thorough “Social Audit.” A Social Audit is an examination of the performance of an enterprise relative to certain social objectives. It also includes a review of