[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 49 Introduced in Senate (IS)]

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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).
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