Scribd
Upload
7K views2 pages

Sen. Rubio's Letter To CIBC Bank

The Canadian Imperial Bank of Commerce’s (CIBC) U.S. division is assessing borrowers’ environmental policies and whether such institutions sell to the U.S. military when applying for Paycheck Protection Program (PPP) loans offered by the federal government, according to Republican Sen. Marco Rubio’s office.

Uploaded by

The Federalist
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
7K views2 pages

Sen. Rubio's Letter To CIBC Bank

The Canadian Imperial Bank of Commerce’s (CIBC) U.S. division is assessing borrowers’ environmental policies and whether such institutions sell to the U.S. military when applying for Paycheck Protection Program (PPP) loans offered by the federal government, according to Republican Sen. Marco Rubio’s office.

Uploaded by

The Federalist
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 2

April 16, 2020

Michael G. Capatides
President and CEO
CIBC Bank USA
120 South LaSalle Street
Chicago, Illinois 60603

Dear Mr. Capatides:

I write to request information regarding CIBC USA’s policies as they relate to the
Paycheck Protection Program (PPP). This letter serves as a follow-up to previous information
requests by my staff, which to-date have not received an adequate response.

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and
Economic Security (CARES) Act which provided $377 billion in immediate relief to small
businesses suffering from economic losses caused by COVID-19. This included the creation of
the PPP – a new loan guarantee program under the Small Business Administration’s 7(a)
program that provides cash-flow assistance to small employers who maintain their payroll during
this emergency. The intent of the fully guaranteed loan program is to provide immediate and
meaningful relief so that no small business would be forced to choose between solvency and
retaining their employees during this difficult time.

It has come to my attention that CIBC USA may have an internal policy of examining
PPP borrower applications based on its “Reputation and Legal Risk Policy,” which reviews
prospective borrowers’ environmental policies and determines whether they engage in business
with the U.S. Department of Defense. I find these reports concerning as such a policy would be
in blatant contravention of statutory language, congressional intent, and regulations for a critical
program funded with U.S. taxpayer dollars.

For this reason, I request that you provide my office with a copy of all CIBC USA’s
policies and procedures that CIBC USA has applied to PPP borrower applications beginning on
April 3, 2020, no later than 5:00 PM EDT on Monday, April 20, 2020.

In addition, please provide a direct response to each of the following two questions:

1. At any point during the application process, does CIBC USA evaluate or make an
assessment of a prospective PPP borrower’s environmental policies or values?
2. At any point during the application process, does CIBC USA evaluate, assess, or
determine if a prospective PPP borrower engages in business with the U.S.
Department of Defense?
The PPP program is a lifeline for small businesses suffering during this unprecedented
crisis through no fault of their own. It is imperative that small businesses do not face any
unnecessary hurdles or delays in participating in this critical program, which is funded by U.S.
taxpayers, and for which you are paid by U.S. taxpayers to process these loans. I appreciate your
immediate attention to this urgent matter.

Sincerely,

Marco Rubio
Chairman

You might also like