7(a) Program Risk Oversight Act

This bill changes the yearly report that the Small Business Administration's Office of Credit Risk Management must send to Congress about the 7(a) small business loan guarantee program. The report would have to break down program risk by loan type, loan size, loan age, how long the borrower's business has operated, and the type of lender that made the loan. It would also have to report defaulted loan purchases, recoveries, and charge-offs by lender type. It would add counts of enforcement actions and penalties for fraud, loans 31 to 59 days past due, and loans found to be fraudulent. The report would have to be posted on a public SBA website within 7 days after it goes to Congress.

Full text and official record on Congress.gov

Sponsors

• Nydia M. Velázquez Democrat sponsor
• 0 cosponsors