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No CFPB Oversight for PPP Lenders

This bill stops the consumer protection agency (CFPB) from checking how banks handled loans given out through the Paycheck Protection Program (PPP). It means banks won't face audits or fines from this agency specifically for their PPP activities.
Key points
Prevents the consumer protection agency (CFPB) from reviewing banks' handling of PPP loans.
Lenders participating in the PPP will not face fines or fees from the CFPB for those actions.
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Expired
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Additional Information
Print number: 117_S_49
Sponsor: Sen. Lee, Mike [R-UT]
Process start date: 2021-01-26
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Summarized by: gemini-2.5-flash-preview-04-17
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

No CFPB in the PPP Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_49.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-01-26.

What are the main provisions?

Key points include:

  • Prevents the consumer protection agency (CFPB) from reviewing banks' handling of PPP loans.
  • Lenders participating in the PPP will not face fines or fees from the CFPB for those actions.
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. Lee, Mike [R-UT].

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