2018 US Code
Title 15 - Commerce and Trade
Chapter 14A - Aid to Small Business
Sec. 657u - Lender Oversight Committee
15 U.S.C. § 657u (2018) |
§657u. Lender Oversight Committee |
(a) Establishment
There is established within the Administration the Lender Oversight Committee (in this section referred to as the "Committee"). (b) MembershipThe Committee shall consist of at least 8 members selected by the Administrator, of which— (1) 3 members shall be voting members, 2 of whom shall be career appointees in the Senior Executive Service (as defined in section 3132 of title 5); and (2) the remaining members shall be nonvoting members who shall serve in an advisory capacity on the Committee. The Committee shall— (1) review reports on lender oversight activities; (2) review formal enforcement action recommendations of the Director of the Office of Credit Risk Management with respect to any lender making loans under section 636(a) of this title and any Lending Partner or Intermediary participant of the Administration in a lending program of the Office of Capital Access of the Administration; (3) in carrying out paragraph (2) with respect to formal enforcement actions taken under subsection (d) or (e) of section 650 of this title, vote to recommend or not recommend action to the Administrator or a designee of the Administrator; (4) in carrying out paragraph (2) with respect to any formal enforcement action not specified under subsection (d) or (e) of section 650 of this title, vote to approve, disapprove, or modify the action; (5) review, in an advisory capacity, any lender oversight, portfolio risk management, or program integrity matters brought by the Director; and (6) take such other actions and perform such other functions as may be delegated to the Committee by the Administrator. The Committee shall meet as necessary, but not less frequently than on a quarterly basis. The Committee shall submit to the Administrator a report detailing each meeting of the Committee, including if the Committee does or does not vote to approve a formal enforcement action of the Director of the Office of Credit Risk Management with respect to a lender. |
(Pub. L. 85–536, §2[48], as added Pub. L. 115–189, §3(a)(2), June 21, 2018, 132 Stat. 1494.) |
CHANGE OF NAME
Pub. L. 115–189, §3(d)(2), June 21, 2018, 132 Stat. 1496, provided that: "Any reference in a law, regulation, guidance, document, paper, or other record of the United States to the Lender Oversight Committee of the Small Business Administration shall be deemed a reference to the Lender Oversight Committee, established under section 48 of the Small Business Act [15 U.S.C. 657u], as added by subsection (a)." TRANSFER OF FUNCTIONSPub. L. 115–189, §3(c)(2), June 21, 2018, 132 Stat. 1496, provided that: "All functions of the Lender Oversight Committee of the Small Business Administration, including the personnel, assets, and obligations of the Lender Oversight Committee, as in existence on the day before the date of the enactment of this Act [June 21, 2018], shall be transferred to the Lender Oversight Committee established under section 48 of the Small Business Act [15 U.S.C. 657u], as added by subsection (a)." |
United States Code, 2018 Edition, Title 15 - COMMERCE AND TRADE |
Bills and Statutes |
United States Code |
Y 1.2/5: |
Title 15 - COMMERCE AND TRADE CHAPTER 14A - AID TO SMALL BUSINESS Sec. 657u - Lender Oversight Committee |
section 657u |
2018 |
January 14, 2019 |
No |
standard |
132 Stat. 1494, 1496 |
Public Law 85-536, Public Law 115-189 |