The backlash towards the banks this morning is frightening and predictable.

For context, the government whips out this enormous program on short notice, tells the banks to administer it, changes the rules multiple times throughout the week leading up to launch, including a “final” change the night before it goes live and now the banks are getting eviscerated while the government maintains its’ benevolent appearance.

I know I won’t get any sympathy here, and I’m not expecting it. But some of the blame belongs with the UST, SBA and the White House. We had planned to assist any company with a checking account until they changed the rules of the game and put the onus of verification on the banks.

Now we’re exposed to lender liability claims and if we haven’t already done a KYL/AML on a company, we’re open to an incredible amount of liability. It’s a no win situation.