S. 49, No CFPB in the PPP Act
Summary
S. 49, the No CFPB in the PPP Act, is a Senate bill introduced January 26, 2021 by Lee to prohibit the Bureau of Consumer Financial Protection from overseeing lending institutions’ participation in the Paycheck Protection Program. It was referred to the Committee on Banking, Housing, and Urban Affairs. Section 2 provides that the Bureau shall not have the authority to assess, audit, review, or examine any part of a lender’s participation in a program established under paragraph (36) or (37) of the Small Business Act (15 U.S.C. 636(a)), or to levy fees or fines against a lender because of any action under such a program.
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- Bills Bills 117S49Is Bills 117S49Is
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- Bills Bills 117S49Is Bills 117S49Is
Cite this document
“S. 49, No CFPB in the PPP Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-117s49is-bills-117s49is/
, SHA-256 11f26033e663815dad7d80f38c923d21f41689a1834a6a58bc44f4849dafec64.Full text
II
117TH CONGRESS
1ST SESSION
S. 49
To prohibit the Bureau of Consumer Financial Protection from overseeing
lending institutions’ participation in the Paycheck Protection Program.
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 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘No CFPB in the PPP
5 Act’’.
6 SEC. 2. PROHIBITION ON CFPB OVERSIGHT OF LENDING IN-
7 STITUTIONS PARTICIPATING IN THE PPP.
8
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The Bureau of Consumer Financial Protection shall
9 not have the authority to—
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2
1 (1) assess, audit, review, or examine any part
2 of the participation of a lender in any program es-
3 tablished under paragraph (36) or (37) of section
4 7(a) of the Small Business Act (15 U.S.C. 636(a));
5 or
6 (2) levy fees or fines against a lender due to
7 any action of the lender under any program de-
8 scribed in paragraph (1).
Æ
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•S 49 IS
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