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S. Rept. 114-421 1 (2016-12-20)

handle is hein.congrecreports/crptxsog0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP Calendar No. 512 114TH CONGRESS S REPORT 2d Session SENATE 114-421 SMALL BUSINESS LENDING OVERSIGHT ACT DECEMBER 20, 2016.-Ordered to be printed Filed, under authority of the order of the Senate of December 10 (legislative day, December 9), 2016 Mr. VITTER, from the Committee on Small Business and Entrepreneurship, submitted the following REPORT [To accompany S. 2992] The Committee on Small Business and Entrepreneurship, to which was referred the bill (S. 2992), to amend the Small Business Act to strengthen the Office of Credit Risk Management of the Small Business Administration, and for other purposes, having con- sidered the same reports favorably thereon with an amendment and recommends that the bill (as amended) do pass. i. introduction The Act (S. 2992) was introduced by the Committee's Chairman, Senator David Vitter on May 25, 2016. Senator Vitter was joined by Senators Jeanne Shaheen, Kelly Ayotte, Gary Peters, James Risch, and Michael Enzi in introducing the bill. The Small Business Lending Oversight Act amends the Small Business Act to codify the Small Business Administration (SBA)'s Office of Credit Risk Management (OCRM) and provide the office with the authority to impose specified administrative penalties, in- cluding monetary penalties, on any 7(a) lender that knowingly and repeatedly violates the laws and regulations of the SBA's 7(a) loan guaranty program. The primary goal of this bill is to strengthen the SBA's ability to conduct effective lending oversight and to pro- vide Congress with information regarding the SBA's oversight ac- tions. During the markup of the bill, an amendment by Senator Coons, for himself and Senator Risch, was agreed to by roll call vote as 69-010

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