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Senate Bill 49
117th Congress(2021-2022)
No CFPB in the PPP Act
Introduced
Introduced
Introduced in Senate on Jan 26, 2021
Overview
Text
Introduced in Senate 
Jan 26, 2021
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Introduced in Senate(Jan 26, 2021)
Jan 26, 2021
No Linkage Found
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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S. 49 (Introduced-in-Senate)


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.

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

SECTION 1. Short title.

This Act may be cited as the “No CFPB in the PPP Act”.

SEC. 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).