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CBA Applauds Senate Passage of Small Business Lending Bill
WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after the U.S. Senate passed the Small Business 7(a) Lending Oversight Reform Act of 2018 (H.R. 4743), which will authorize the SBA Administrator to increase the 7(a) Loan Program’s authorization cap by 15 percent during periods of high demand, among other reforms. The House previously passed this legislation and the bill now awaits President Donald Trump’s signature.
“CBA members are dedicated to assisting small business owners across the country serve their customers and this bill will help many receive the funding needed to grow their businesses and local economies,” said CBA President and CEO Richard Hunt.
“We would like to thank Senate Small Business and Entrepreneurship Committee Chairman Jim Risch (R-Idaho) and Jeanne Shaheen (D-N.H.) for leading the effort in the Senate and Senate Majority Leader Mitch McConnell (R-Ky.) for bringing the bill to the floor for a vote. We also thank House Committee on Small Business Chairman Steve Chabot (R-Ohio), Ranking Member Nydia Velázquez (D-N.Y.) and Speaker Paul Ryan (R-Wis.) for their efforts in the House. We encourage President Trump to sign this bill.”
The Small Business 7(a) Lending Oversight Reform Act of 2018 (H.R. 4743) will ensure qualified small business owners have access to needed capital through the SBA 7(a) program. Specifically, the bill will authorize the SBA Administrator to increase the 7(a) Loan Program’s authorization cap by 15 percent during periods of high demand; improve the Office of Credit Risk Management (OCRM) lender review process; provide needed clarity to the SBA’s Credit Elsewhere Test; allow lenders to appeal enforcement actions to the SBA directly for timely dispute resolutions; and establish a Lender Oversight Committee within the SBA to oversee the program and the actions of the OCRM Director. The bill was introduced by Representatives Steve Chabot (R-Ohio) and Nydia Velázquez (D-N.Y.).