Fintech Fraud or Federal Failure?

For over 50 years, the government has increasingly deputized banks and other financial institutions as deputy law enforcement investigators under the Bank Secrecy Act.

The Paycheck Protection Program (PPP) has been plagued with issues since its inception. Yet the issues themselves proved to be far deeper than headlines of fraud and misused funds have suggested. Although PPP fraud should be condemned, the fraud was a symptom of a much more fundamental problem: namely, a failure of federal oversight for the government program.

Read the full report on Cato.org here.