2019-12631: Implementation of the Small Business 7(a) Lending Oversight Reform Act of 2018
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On June 21, 2018, Congress enacted the Small Business 7(a) Lending Oversight Reform Act of 2018, ("Act"). The purpose of the legislation was to increase the Small Business Administration's ("SBA" or "Agency") oversight capabilities and to ensure the integrity of the 7(a) Loan Program. The Act contains several new and strengthened authorities. Section 3 of the Act requires SBA to promulgate regulations to implement certain of the Act's provisions. SBA is proposing this rule to implement the Act and to update the Agency's regulations on supervision of all lenders participating in SBA's business loan programs.
The agency’s own summary, as published.
What this changes
Amends 2 parts of the Code of Federal Regulations — the standing rules this notice rewrites.
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