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Strengthening Oversight of Small Business Loans

This act aims to improve risk management in small business loan programs, potentially increasing their financial security. It introduces new oversight and control rules to ensure funds are used correctly, indirectly impacting economic stability and access to financing for entrepreneurs.
Key points
Enhanced supervision of companies providing loans to small businesses, including more frequent audits and document reviews.
Introduction of financial penalties for companies that fail to comply with rules or submit required reports.
Requirement to issue clear rules on environmental obligations for companies using loan programs, potentially affecting environmentally-related projects.
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Expired
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Additional Information
Print number: 117_S_2245
Sponsor: Sen. Young, Todd [R-IN]
Process start date: 2021-06-24
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

504 Credit Risk Management Improvement Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_2245.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-06-24.

What are the main provisions?

Key points include:

  • Enhanced supervision of companies providing loans to small businesses, including more frequent audits and document reviews.
  • Introduction of financial penalties for companies that fail to comply with rules or submit required reports.
  • Requirement to issue clear rules on environmental obligations for companies using loan programs, potentially affecting environmentally-related projects.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Young, Todd [R-IN].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy