I 

116TH CONGRESS 

2D SESSION H. R. 8675 

To require the Federal banking agencies to exclude Paycheck Protection 

Program loans from certain asset calculations. 

IN THE HOUSE OF REPRESENTATIVES 

OCTOBER 23, 2020 

Mr. LOUDERMILK (for himself, Mr. DAVID SCOTT of Georgia, Mr. LUCAS, Mr. 

STIVERS, Mr. WILLIAMS, Mr. BUDD, Mr. KUSTOFF of Tennessee, Mr. 

HOLLINGSWORTH, Mr. JOHN W. ROSE of Tennessee, Mr. RIGGLEMAN, 

and Mr. TAYLOR) introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To require the Federal banking agencies to exclude Paycheck 

Protection Program loans from certain asset calculations. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Preventing Regulatory 

5 Penalties for PPP Lenders Act’’. 


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1 SEC. 2. EXCLUDING PAYCHECK PROTECTION PROGRAM 

2 LOANS FROM CERTAIN ASSET CALCULA3 TIONS. 

4 (a) IN GENERAL.—For purposes of determining cap5 ital ratios, deposit insurance premiums, and other asset 

6 thresholds and categories under Federal banking regula7 tions with respect to a credit union, depository institution, 

8 or depository institution holding company with less than 

9 $15,000,000,000 in consolidated assets, the appropriate 

10 Federal banking agency shall exclude Paycheck Protection 

11 Program loans. 

12 (b) SPECIFIC EXCLUSION.—Subsection (a) shall not 

13 apply to call reports filed by a credit union, depository 

14 institution, or depository institution holding company. 

15 (c) RULEMAKING.—Not later than the end of the 30- 

16 day period beginning on the date of enactment of this Act, 

17 the Federal banking agencies shall issue regulations to 

18 carry out this section. 

19 (d) DEFINITIONS.—In this section: 

20 (1) APPROPRIATE FEDERAL BANKING AGEN21 CY.—The term ‘‘appropriate Federal banking agen22 cy’’— 

23 (A) has the meaning given such term 

24 under section 3 of the Federal Deposit Insur25 ance Act; 


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1 (B) means the National Credit Union Ad2 ministration, in the case of a credit union; and 

3 (C) means the Bureau of Consumer Finan4 cial Protection, for purposes of calculating asset 

5 thresholds under section 1025 and 1026 of the 

6 Consumer Financial Protection Act of 2010 (12 

7 U.S.C. 5515 and 5516). 

8 (2) CREDIT UNION.—The term ‘‘credit union’’ 

9 means a State credit union and a Federal credit 

10 union, as such terms are defined, respectively, under 

11 section 101 of the Federal Credit Union Act. 

12 (3) FEDERAL BANKING AGENCIES.—The term 

13 ‘‘Federal banking agencies’’ means the agencies de14 scribed under paragraph (1). 

15 (4) FEDERAL DEPOSIT INSURANCE ACT

16 TERMS.—The term ‘‘depository institution’’, and 

17 ‘‘depository institution holding company’’ have the 

18 meaning given those terms, respectively, under sec19 tion 3 of the Federal Deposit Insurance Act. 

20 (5) PAYCHECK PROTECTION PROGRAM LOAN.— 

21 The term ‘‘Paycheck Protection Program loan’’ 

22 means a loan guaranteed under section 7(a)(36) of 

23 the Small Business Act. 

Æ 


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