S. 49 — Introduced in Senate

II 117th CONGRESS 1st Session S. 49 IN THE SENATE OF THE UNITED STATES January 26, 2021Mr. 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. Short title This Act may be cited as the No CFPB in the PPP Act. 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).