1. Short title
This Act may be cited as the “No CFPB in the PPP Act”.
No CFPB in the PPP Act
A BILL
To prohibit the Bureau of Consumer Financial Protection from overseeing lending institutions’ participation in the Paycheck Protection Program.
2. Prohibition on CFPB oversight of lending institutions participating in the PPP
The Bureau of Consumer Financial Protection shall not have the authority to—
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
levy fees or fines against a lender due to any action of the lender under any program described in paragraph (1).