,,ii  #aafth ,,congress  #b;d ,session  
,s4 #dhge  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,october #bf   
7legislative day1 ,october #ai71        
#bjbj,mr4 ,lee introduced the following 
bill2 which was read twice and referred 
to the ,committee on ,banking1 ,housing1
 and ,urban ,affairs  ,a ,,bill  ,to    
provide protections for good faith      
borrowers and lenders under the paycheck
 protection program1 and for other      
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,protections for    
,good ,faith ,,ppp ,borrowers and       
,lenders ,act4  #b4 ,holding harmless   
good faith borrowers and lenders        
,section #aajf of the ,,cares ,act 7#ae 
,u4,s4,c4 #ijje7 is amended-- 7#a7 by   
striking subsection 7h7 and inserting   
the following3  7h7 ,hold harmless  7#a7
 ,in general ,a lender may rely on all  
certifications and documentation        
submitted by an applicant or eligible   
recipient pursuant to any requirement in
 statute regarding covered loans1 or    

rules or guidance promulgated to carry  
out any action relating to covered      
loans1 from an applicant or eligible    
recipient attesting that the applicant  
or eligible recipient has accurately    
verified all documentation provided to  
the lender4  7#b7 ,no enforcement action
 ,with respect to a lender that relies  
on the certifications and documentation 
described in paragraph 7#a7-- 7,a7 no   
enforcement or other action may be taken
 against the lender relating to loan    
origination1 forgiveness1 or guarantee  
based on such reliance1 including claims
 under-- 7i7 the ,small ,business ,act  
7#ae ,u4,s4,c4 #fca et seq472  7ii7     
sections #cgbi through #cgcc of title   
#ca1 ,united ,states ,code 7commonly    
known as the ,false ,claims ,act72      
7iii7 the ,financial ,institutions      
,reform1 ,recovery1 and ,enforcement    
,act of #aihi 7,public ,law #aja-gc2    
#aja ,stat4 #ahc72  7iv7 section #ba of 
the ,federal ,deposit ,insurance ,act   
7#ab ,u4,s4,c4 #ahbi;b71 chapter #b of  

title ,i of ,public ,law #ia-ejh 7#ab   
,u4,s4,c4 #aiea et seq471 and subchapter
 ,,ii of chapter #ec of title #ca1      
,united ,states ,code 7collectively     
known as the ,bank ,secrecy ,act72 or   
7v7 any other ,federal1 ,state1 or other
 criminal or civil law or regulation2   
and  7,b7 the lender shall not be       
subject to any penalties relating to    
loan origination1 forgiveness1 or       
guarantee based on such reliance4  2 and
  7#b7 by adding at the end the         
following3  7n7 ,enforcement action     
against borrowers ,an eligible recipient
 of a covered loan may only be subject  
to an enforcement action or penalty     
relating to loan origination1           
forgiveness1 or guarantee of the covered
 loan if the eligible recipient commits 
fraud or expends covered loan proceeds  
on expenses that are not allowable under
 section #g7;a77#cf77;,f7 of the ,small 
,business ,act 7#ae ,u4,s4,c4           
#fcf7;a77#cf77;,f774  4  #c4 ,exclusion 
of ,,ppp loans from the calculation of  

lending institution assets  7a7         
,definitions ,in this section-- 7#a7 the
 terms bank and bank holding company    
have the meanings given those terms in  
section #b of the ,bank ,holding        
,company ,act of #aief 7#ab ,u4,s4,c4   
#ahda72  7#b7 the term credit union     
includes-- 7,a7 an insured credit union1
 as that term is defined in section #aja
 of the ,federal ,credit ,union ,act    
7#ab ,u4,s4,c4 #ageb72 and  7,b7 any    
credit union that is eligible to make   
application to become an insured credit 
union pursuant to section #bja of the   
,federal ,credit ,union ,act 7#ab       
,u4,s4,c4 #agha72 and  7#c7 the term    
lending institution includes a bank1 a  
bank holding company1 and a credit      
union4  7b7 ,prohibition ,no loan made  
under section #g7;a77#cf7 of the ,small 
,business ,act 7#ae ,u4,s4,c4           
#fcf7;a77#cf77 may be included in any   
asset threshold calculation for any     
lending institution1 including a        
threshold described in-- 7#a7 section   

#aj7;d77#d77;,a7 of the ,federal        
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahbj7;d77#d77;,a772  7#b7 section #hji 
of the ,community ,reinvestment ,act of 
#aigg 7#ab ,u4,s4,c4 #bijh72  7#c7      
section #ac7;h77#a77;,b77i7 of the ,bank
 ,holding ,company ,act of #aief 7#ab   
,u4,s4,c4 #ahea7;h77#a77;,b77i772 and   
7#d7 any regulation promulgated under a 
section described in paragraph 7#a71    
7#b71 or 7#c74  #d4 ,prohibition on     
,,cfpb oversight of lending institutions
 participating in the ,,ppp ,the ,bureau
 of ,consumer ,financial ,protection    
shall not have the authority to-- 7#a7  
assess1 audit1 review1 or examine any   
part of the participation of a lender in
 the program established under section  
#g7;a77#cf7 of the ,small ,business ,act
 7#ae ,u4,s4,c4 #fcf7;a77#cf772 or  7#b7
 levy fees or fines against a lender due
 to any action of the lender under the  
program described in paragraph 7#a74