No CFPB in the PPP Act

Bill: 117-s-49
Sponsor: full_name: Sen. Lee, Mike [R-UT]
Introduced: 2021-01-26
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing

Banking and financial institutions regulation

Business expenses

Cardiovascular and respiratory health

Civil actions and liability

Consumer Financial Protection Bureau

Consumer credit

Emergency medical services and trauma care

Government lending and loan guarantees

Government studies and investigations

Infectious and parasitic diseases

Small business

User charges and fees

Wages and earnings
Latest action: action_date: 2021-01-26
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2021-01-26
action_desc: Introduced in Senate
text: <p><b>No CFPB in the PPP Act </b></p> <p>This bill prohibits the Consumer Financial Protection Bureau from exercising oversight authority over a lender regarding its participation in the Paycheck Protection Program. The Paycheck Protection Program was established in response to the COVID-19 (i.e., coronavirus disease 2019) pandemic and facilitates loans to small businesses.</p>

tv_txt: II 117th CONGRESS 1st Session S. 49 IN THE SENATE OF THE UNITED STATES January 26, 2021 Mr. Lee introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To prohibit the Bureau of Consumer Financial Protection from overseeing lending institutions’ participation in the Paycheck Protection Program.

1. Short title This Act may be cited as the No CFPB in the PPP Act . 2. Prohibition on CFPB oversight of lending institutions participating in the PPP The Bureau of Consumer Financial Protection shall not have the authority to— (1) assess, audit, review, or examine any part of the participation of a lender in any program established under paragraph (36) or (37) of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ); or (2) levy fees or fines against a lender due to any action of the lender under any program described in paragraph (1).