Short title

This Act may be cited as the

Greater Accountability in the Lending Fund Act of 2011

Repayment deadline under the Small Business Lending Fund Program

(a)

In general

Section 4103(d)(5)(H) of the Small Business Jobs Act of 2010 (12 U.S.C. 4741 note) is amended— (1)in clause (i)— (A)in subclause (I), by striking ; or and inserting a period; (B)by striking subclause (II); and (C)by striking will— and all that follows through be repaid and inserting will be repaid; (2)by striking clause (ii); and (3)by striking that— and all that follows through includes, and inserting that includes,. (b)

Effective date; applicability; savings clause

(1)

Effective date; applicability

The amendments made by this section shall— (A)take effect on the date of enactment of this Act; and (B)apply to any investment made by the Secretary of the Treasury under the Small Business Lending Fund Program established under section 4103(a)(2) of the Small Business Jobs Act of 2010 (12 U.S.C. 4741 note) (in this subsection referred to as the Program) on or after the date of enactment of this Act. (2)

Savings clause

Notwithstanding the amendments made by this section, an investment made by the Secretary of the Treasury under the Program before the date of enactment of this Act shall remain in full force and effect under the terms and conditions under the investment.

Small Business Lending Fund sunset

Section 4109 of the Small Business Jobs Act of 2010 (12 U.S.C. 4741 note) is amended— (1)in subsection (b), by inserting and shall be limited by the termination date in subsection (c) before the period at the end; and (2)by adding at the end the following:

(c)

Termination of Program

(1)

Investments

On and after the date that is 15 years after the date of enactment of this Act, the Federal Government may not own any preferred stock or other financial instrument purchased under this subtitle or otherwise maintain any capital investment in an eligible institution made under this subtitle. (2)

Authorities

Except as provided in subsection (a), all the authorities provided under this subtitle shall terminate 15 years after the date of enactment of this Act.

Small business lending fund trigger

Section 4109 of the Small Business Jobs Act of 2010 (12 U.S.C. 4741 note), as amended by section 3, is amended by adding at the end the following:

(d)

FDIC receivership

The Secretary may not make any purchases, including commitments to purchase, under this subtitle if the Federal Deposit Insurance Corporation is appointed receiver of 5 percent or more of the number of eligible institutions that receive a capital investment under the Program.

Small Business Lending Fund limitation

(a)

In general

Section 4103(d) of the Small Business Jobs Act of 2010 (12 U.S.C. 4741 note) is amended— (1)by striking , less the amount of any CDCI investment and any CPP investment each place it appears; (2)by striking paragraph (7); (3)by redesignating paragraphs (8), (9), and (10) as paragraphs (7), (8), and (9), respectively; and (4)by adding at the end the following:

(10)

Prohibition on TARP participants participating in the Program

An institution in which the Secretary made a investment under the CPP, the CDCI, or any other program established by the Secretary under the Troubled Asset Relief Program established under the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5201 et seq.) shall not be eligible to participate in the Program.

(b)

Effective date; applicability; savings clause

(1)

Effective date; applicability

Savings clause

Private investments under the Small Business Lending Fund Program

Section 4103(d)(3) of the Small Business Jobs Act of 2010 (12 U.S.C. 4741 note) is amended— (1)in the paragraph heading, by striking

matched

; and (2)in subparagraph (B)(i), by striking both under the Program and.

Approval of regulators

(a)

In general

Section 4103(d)(2) of the Small Business Jobs Act of 2010 (12 U.S.C. 4741 note) is amended— (1)in the paragraph heading, by striking

Consultation with

and inserting

Approval of

; (2)in the matter preceding subparagraph (A), by striking the Secretary shall and inserting the Secretary may not make a purchase under this subtitle unless; (3)in subparagraph (A)— (A)by striking consult with; and (B)by striking to determine whether the eligible institution may receive and inserting determines that, based on the financial condition of the eligible institution, the eligible institution should receive; (4)in subparagraph (B)— (A)by striking consider any views received from; and (B)by striking regarding the financial condition of the eligible institution and inserting determines that, based on the financial condition of the eligible institution, the eligible institution should receive such capital investment; and (5)in subparagraph (C)— (A)by striking consult with; and (B)by inserting determines that, based on the financial condition of the eligible institution, the eligible institution should receive such capital investment before the period at the end. (b)

Conforming amendments

Section 4103(d)(3)(A) of the Small Business Jobs Act of 2010 (12 U.S.C. 4741 note) is amended— (1)by striking to be consulted under paragraph (2) would not otherwise recommend and inserting required to make a determination under paragraph (2) does not approve; (2)by striking to be so consulted; and (3)by striking to be consulted would recommend and insert would approve.

Benchmark for small business lending

Section 4103(d)(5)(A)(ii) of the Small Business Jobs Act of 2010 (12 U.S.C. 4741 note) is amended by striking for the 4 full quarters immediately preceding the date of enactment of this Act and inserting during calendar year 2007.