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Dec 8 • 6 tweets • 4 min read
I haven't seen an immediate impact like this from a congressional investigation in a long time

SBA suspended fintech lender support companies that were big players in the PPP & is investigating some of the major lenders that partnered w/ them
Here's the full @SBAgov press release:

globenewswire.com/en/news-releas…
This is the House select subcommittee on the coronavirus crisis report on the role of #fintechs in #PPP fraud the SBA is reacting to:

coronavirus.house.gov/news/press-rel…
The Wash Post's @TonyRomm coverage last week quoting me:

“A lot of fintechs...exercised insufficient due diligence...as a result, are disproportionately represented in the loans that have been deemed fraudulent or potentially fraudulent”

washingtonpost.com/business/2022/…
Way back in Oct 2020, @POGOwatchdog & Bloomberg News were the first to publish investigations finding that the fintech industry is disproportionately represented in the PPP fraud cases being brought by the Justice Dept
pogo.org/investigation/…
The House subcommittee cited @POGOwatchdog's work extensively when it publicly launched its investigation by seeking records from fintech companies that participated in the PPP

coronavirus.house.gov/sites/democrat…

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More from @schwellenbach

Nick Schwellenbach Profile picture
Oct 6
1/ 🧵EXCLUSIVE: Thru a #FOIA lawsuit, @POGOwatchdog got data on 2.3 million #PPP loans that the Small Business Administration flagged for scrutiny, incl potential fraud

But the SBA botched its review of billions of dollars of flagged loans

pogo.org/investigation/…
2/ There were some 4.3 million flags that SBA applied to these 2.3 million #PPP loans from August 2020 to Sept 2021 worth at least $189 billion. The flags were meant to help SBA assess whether a recipient should receive loan forgiveness
3/ But how did SBA use these flags? There were breakdowns in SBA's oversight of flagged #PPP loans, @POGOwatchdog found Image
Read 18 tweets
Nick Schwellenbach Profile picture
Aug 12
This will be a LONG 🧵

Late yesterday and this morning, 2 big stories broke on Homeland Security watchdog Joe Cuffari

1 is a @POGOwatchdog investigation that & the other is by @Reinlwapo at the Washington Post (I co-authored the 1st & am quoted in Lisa's story)
What's significant in @POGOwatchdog's story is DHS watchdog Cuffari not only failed to tell Congress months earlier about the deleted Secret Service texts, but his leadership rejected an alert that his office's attorneys approved on April 1

pogo.org/investigation/…
The April 1 alert language was not included in a June report DHS watchdog Cuffari sent to Congress. That report is *required by law* to disclose when agencies resist oversight or deny a watchdog access to information

Here's the unsent alert

pogo.org/document/2022/…
Read 20 tweets
Nick Schwellenbach Profile picture
Aug 4
The Washington Post's @Reinlwapo @CarolLeonnig & @mariasacchetti have a crazy scoop on an investigation into the Homeland Security watchdog Joe Cuffari's last job as a federal employee

washingtonpost.com/politics/2022/…
Here's the full report!!

READING TIME! 👀👀👀👀

documentcloud.org/documents/2212…
Cuffari resigned from the Justice Dept Office of Inspector General a few months after this report was finished in April 2013. He told the Senate he was never disciplined while in federal service. That's misleading: If he hadn't resigned, he likely would have been
Read 9 tweets
Nick Schwellenbach Profile picture
Jul 15
Key questions: Were the Secret Service texts related to Jan 6 deleted permanently or not? Were they provided to the Homeland Security Inspector General or not?

On the left, the Secret Service statement defending itself & on the right, the IG's accusations
Either the Secret Service texts were permanently erased, or they weren't

The inspector general wrote the Secret Service "erased those text messages"

The Secret Service says it told the IG "none of the texts it was seeking had been lost in the migration"
If it turns out the Secret Service texts weren't deleted, were they shared in full with the Inspector General?

The Secret Service doesn't answer this question in its statement whereas the IG wrote there is "confusion over whether all records had been produced"
Read 22 tweets
Nick Schwellenbach Profile picture
May 18
The Dept. of Homeland Security Inspector General Joe Cuffari says in his written response to Congress that he's thinking about dropping a report that found that more than 10,000 DHS employees said they experienced sexual misconduct
.@DHSOIG Joe Cuffari: "I am considering closing the review without issuing a report"

His office has spent more than 4 years working on this report. He has been in charge for nearly 3 of those years.
He states he was unaware of details of the review for more than 16 months while he led the office. He indicated he never once asked for a briefing on the review during that time. The review had been listed on his office's public website that whole time.
Read 11 tweets

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