A bill to prohibit the Bureau of Consumer Financial Protection from overseeing lending institutions' participation in the Paycheck Protection Program.
No CFPB in the PPP Act
This bill prohibits the Consumer Financial Protection Bureau from exercising oversight authority over a lender regarding its participation in the Paycheck Protection Program. The Paycheck Protection Program was established in response to the COVID-19 (i.e., coronavirus disease 2019) pandemic and facilitates loans to small businesses.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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