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15 U.S.C. § 657t — Office of Credit Risk Management

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15 U.S.C. § 657t — Office of Credit Risk Management

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Source file: Laws/federal/codes/united-states-code/title-15/section-657t-office-of-credit-risk-management--d8bc36b2fd.md
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Source location: Title 15, Chapter 14A, § 657t; chapter-14a-aid-to-small-business.md

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**(a) Establishment** There is established within the Administration the Office of Credit Risk Management (in this section referred to as the “Office”). **(b) Duties** The Office shall be responsible for supervising— (1) any lender making loans under section 7(a) [[15 U.S.C. 636(a)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636/a&num=0&edition=prelim)] (in this section referred to as a “7(a) lender”); (2) any Lending Partner or Intermediary participant of the Administration in a lending program of the Office of Capital Access of the Administration; and (3) any small business lending company or a non-Federally regulated lender without regard to the requirements of [section 650 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section650&num=0&edition=prelim). **(c) Director** (1) **In general** — The Office shall be headed by the Director of the Office of Credit Risk Management (in this section referred to as the “Director”), who shall be a career appointee in the Senior Executive Service (as defined in [section 3132 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section3132&num=0&edition=prelim)). (2) **Duties** — The Director shall be responsible for oversight of the lenders and participants described in subsection (b), including by conducting periodic reviews of the compliance and performance of such lenders and participants. **(d) Supervision duties for 7(a) lenders** (1) **Reviews** — With respect to 7(a) lenders, an employee of the Office shall— (A) be present for and supervise any such review that is conducted by a contractor of the Office on the premise 11 So in original. Probably should be “premises”. of the 7(a) lender; and (B) supervise any such review that is not conducted on the premise 1 of the 7(a) lender. (2) **Review report timeline** (A) *In general* — Notwithstanding any other requirements of the Office or the Administrator, the Administrator shall develop and implement a review report timeline which shall— (i) require the Administrator to— (I) deliver a written report of the review to the 7(a) lender not later than 60 business days after the date on which the review is concluded; or (II) if the Administrator expects to submit the report after the end of the 60-day period described in clause (i), notify the 7(a) lender of the expected date of submission of the report and the reason for the delay; and (ii) if a response by the 7(a) lender is requested in a report submitted under subparagraph (A), require the 7(a) lender to submit responses to the Administrator not later than 45 business days after the date on which the 7(a) lender receives the report. (B) *Extension* — The Administrator may extend the time frame described in subparagraph (A)(i)(II) with respect to a 7(a) lender as the Administrator determines necessary. **(e) Enforcement authority against 7(a) lenders** (1) **Informal enforcement authority** — The Director may take an informal enforcement action against a 7(a) lender if the Director finds that the 7(a) lender has violated a statutory or regulatory requirement under section 7(a) [[15 U.S.C. 636(a)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636/a&num=0&edition=prelim)] or any requirement in a Standard Operating Procedures Manual or Policy Notice related to a program or function of the Office of Capital Access. (2) **Formal enforcement authority** (A) *In general* — With the approval of the Lender Oversight Committee established under [section 657u of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section657u&num=0&edition=prelim), the Director may take a formal enforcement action against any 7(a) lender if the Director finds that the 7(a) lender has violated— (i) a statutory or regulatory requirement under section 7(a), including a requirement relating to credit elsewhere; or (ii) any requirement described in a Standard Operating Procedures Manual or Policy Notice, related to a program or function of the Office of Capital Access. (B) *Enforcement actions* — An enforcement action imposed on a 7(a) lender by the Director under subparagraph (A) shall be based on the severity or frequency of the violation and may include assessing a civil monetary penalty against the 7(a) lender in an amount that is not greater than $250,000. (3) **Appeal by lender** — A 7(a) lender may appeal an enforcement action imposed by the Director described in this subsection to the Office of Hearings and Appeals established under [section 634(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section634/i&num=0&edition=prelim) or to an appropriate district court of the United States. **(f) Regulations** Not later than 1 year after June 21, 2018, the Administrator shall issue regulations, after opportunity for notice and comment, to carry out subsection (e). **(g) Servicing and liquidation responsibilities** During any period during which a 7(a) lender is suspended or otherwise prohibited from making loans under section 7(a) [[15 U.S.C. 636(a)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636/a&num=0&edition=prelim)], the 7(a) lender shall remain obligated to maintain all servicing and liquidation activities delegated to the lender by the Administrator, unless otherwise specified by the Director. **(h) Portfolio risk analysis of 7(a) loans** (1) **In general** — The Director shall annually conduct a risk analysis of the portfolio of the Administration with respect to all loans guaranteed under section 7(a). (2) **Report to Congress** — On December 1, 2018, and every December 1 thereafter, the Director shall submit to Congress a report containing the results of each portfolio risk analysis conducted under paragraph (1) during the fiscal year preceding the submission of the report, which shall include— (A) an analysis of the overall program risk of loans guaranteed under section 7(a); (B) an analysis of the program risk, set forth separately by industry concentration; (C) without identifying individual 7(a) lenders by name, a consolidated analysis of the risk created by the individual 7(a) lenders responsible for not less than 1 percent of the gross loan approvals set forth separately for the year covered by the report by— (i) the dollar value of the loans made by such 7(a) lenders; and (ii) the number of loans made by such 7(a) lenders; (D) steps taken by the Administrator to mitigate the risks identified in subparagraphs (A), (B), and (C); (E) the number of 7(a) lenders, the number of loans made, and the gross and net dollar amount of loans made; (F) the number and dollar amount of total losses, the number and dollar amount of total purchases, and the percentage and dollar amount of recoveries at the Administration; (G) the number and type of enforcement actions recommended by the Director; (H) the number and type of enforcement actions approved by the Lender Oversight Committee established under [section 657u of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section657u&num=0&edition=prelim); (I) the number and type of enforcement actions disapproved by the Lender Oversight Committee; and (J) the number and dollar amount of civil monetary penalties assessed. **(i) Budget submission and justification** The Director shall annually provide, in writing, a fiscal year budget submission for the Office and a justification for such submission to the Administrator. Such submission and justification shall— (1) include salaries and expenses of the Office and the charge for the lender oversight fees; (2) be submitted at or about the time of the budget submission by the President under [section 1105(a) of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section1105/a&num=0&edition=prelim); and (3) be maintained in an indexed form and made available for public review for a period of not less than 5 years beginning on the date of submission and justification.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 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) Membership** The 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section3132&num=0&edition=prelim)); and (2) the remaining members shall be nonvoting members who shall serve in an advisory capacity on the Committee. **(c) Duties** 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636/a&num=0&edition=prelim) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section650&num=0&edition=prelim), 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section650&num=0&edition=prelim), vote to approve, disapprove, or modif

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 650 — Supervisory and enforcement authority for small business lending companies

**(a) In general** The Administrator is authorized— (1) to supervise the safety and soundness of small business lending companies and non-Federally regulated lenders; (2) with respect to small business lending companies to set capital standards to regulate, to examine, and to enforce laws governing such companies, in accordance with the purposes of this chapter; and (3) with respect to non-Federally regulated lenders to regulate, to examine, and to enforce laws governing the lending activities of such lenders under [section 636(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636/a&num=0&edition=prelim) in accordance with the purposes of this chapter. **(b) Capital directive** (1) **In general** — If the Administrator determines that a small business lending company is being operated in an imprudent manner, the Administrator may, in addition to any other action authorized by law, issue a directive to such company to increase capital to such level as the Administrator determines will result in the safe and sound operation of such company. (2) **Delegation** — The Administrator may not delegate the authority granted under paragraph (1) except to an Associate Deputy Administrator. (3) **Regulations** — The Administrator shall issue regulations outlining the conditions under which the Administrator may determine the level of capital pursuant to paragraph (1). **(c) Civil action** If a small business lending company violates this chapter, the Administrator may institute a civil action in an appropriate district court to terminate the rights, privileges, and franchises of the company under this chapter. **(d) Revocation or suspension of loan authority** (1) The Administrator may revoke or suspend the authority of a small

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5 U.S.C. § 3132 — Definitions and exclusions

**(a)** For the purpose of this subchapter— (1) “agency” means an Executive agency, except a Government corporation and the Government Accountability Office, but does not include— (A) any agency or unit thereof excluded from coverage by the President under subsection (c) of this section; or (B) the Federal Bureau of Investigation, the Drug Enforcement Administration, the Central Intelligence Agency, the Office of the Director of National Intelligence, the Defense Intelligence Agency, the National Geospatial-Intelligence Agency, the National Security Agency, Department of Defense intelligence activities the civilian employees of which are subject to [section 1590 of title 10](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title10-section1590&num=0&edition=prelim), and, as determined by the President, an Executive agency, or unit thereof, whose principal function is the conduct of foreign intelligence or counterintelligence activities; (C) the Federal Election Commission or the Election Assistance Commission; (D) the Office of the Comptroller of the Currency, the Office of Thrift Supervision,,11 So in original. the Resolution Trust Corporation, the Farm Credit Administration, the Federal Housing Finance Agency, the National Credit Union Administration, the Bureau of Consumer Financial Protection, and the Office of Financial Research; (E) the Securities and Exchange Commission; or (F) the Commodity Futures Trading Commission; (2) “Senior Executive Service position” means any position in an agency which is classified above GS–15 pursuant to section 5108 or in level IV or V of the Executive Schedule, or an equivalent position, which is not required to be filled by an appointment by the President by and with the advice and consent of the Sena

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 631 — Declaration of policy

**(a) Aid, counsel, assistance, etc., to small business concerns** The essence of the American economic system of private enterprise is free competition. Only through full and free competition can free markets, free entry into business, and opportunities for the expression and growth of personal initiative and individual judgment be assured. The preservation and expansion of such competition is basic not only to the economic well-being but to the security of this Nation. Such security and well-being cannot be realized unless the actual and potential capacity of small business is encouraged and developed. It is the declared policy of the Congress that the Government should aid, counsel, assist, and protect, insofar as is possible, the interests of small-business concerns in order to preserve free competitive enterprise, to insure that a fair proportion of the total purchases and contracts or subcontracts for property and services for the Government (including but not limited to contracts or subcontracts for maintenance, repair, and construction) be placed with small-business enterprises, to insure that a fair proportion of the total sales of Government property be made to such enterprises, and to maintain and strengthen the overall economy of the Nation. **(b) Assistance to compete in international markets** (1) It is the declared policy of the Congress that the Federal Government, through the Administrator of the Small Business Administration, acting through the Associate Administrator for International Trade, and in cooperation with the Department of Commerce and other relevant State and Federal agencies, should aid and assist small businesses, as defined under this chapter, to increase their ability to compete in international markets by— (A) enhancing their abil

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 636 — Additional powers

**(a) Loans to small business concerns; allowable purposes; qualified business; restrictions and limitations** The Administration is empowered to the extent and in such amounts as provided in advance in appropriation Acts to make loans for plant acquisition, construction, conversion, or expansion, including the acquisition of land, material, supplies, equipment, and working capital, and to make loans to any qualified small business concern, including those owned by qualified Indian tribes, for purposes of this chapter. Such financings may be made either directly or in cooperation with banks or other financial institutions through agreements to participate on an immediate or deferred (guaranteed) basis. These powers shall be subject, however, to the following restrictions, limitations, and provisions: (1) **In general.—** (A) *Credit elsewhere.—* (i) *In general.—* — The Administrator has the authority to direct, and conduct oversight for, the methods by which lenders determine whether a borrower is able to obtain credit elsewhere. No financial assistance shall be extended pursuant to this subsection if the applicant can obtain credit elsewhere. No immediate participation may be purchased unless it is shown that a deferred participation is not available; and no direct financing may be made unless it is shown that a participation is not available. (ii) *Liquidity.—* — On and after October 1, 2015, the Administrator may not guarantee a loan under this subsection if the lender determines that the borrower is unable to obtain credit elsewhere solely because the liquidity of the lender depends upon the guaranteed portion of the loan being sold on the secondary market. (B) *Background checks.—* — Prior to the approval of any loan made pursuant to this subsecti

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 636 — Additional powers

Page 803 TITLE 15—COMMERCE AND TRADE § 636 (Pub. L. 94–305, title II, § 207, as added Pub. L. 111–240, title I, § 1602(b), Sept. 27, 2010, 124 Stat. 2551.) Editorial Notes CODIFICATION Section was not enacted as part of the Small Busi- ness Act which comprises this chapter. PRIOR PROVISIONS A prior section 634g, Pub. L. 94–305, title II, § 207, June 4, 1976, 90 Stat. 671, related to authorization of appro- priations, prior to repeal by Pub. L. 111–240, title I, § 1602(b), Sept. 27, 2010, 124 Stat. 2551. § 635. Deposit of moneys; depositaries, custodians, and fiscal agents; contributions to employees’ compensation funds (a) All moneys of the Administration not oth- erwise employed may be deposited with the Treasury of the United States subject to check by authority of the Administration. The Federal Reserve banks are authorized and directed to act as depositaries, custodians, and fiscal agents for the Administration in the general perform- ance of its powers conferred by this chapter. Any banks insured by the Federal Deposit Insur- ance Corporation, when designated by the Sec- retary of the Treasury, shall act as custodians and financial agents for the Administration. Each Federal Reserve bank, when designated by the Administrator as fiscal agent for the Admin- istration, shall be entitled to be reimbursed for all expenses incurred as such fiscal agent. (b) The Administrator shall contribute to the employees’ compensation fund, on the basis of annual billings as determined by the Secretary of Labor, for the benefit payments made from such fund on account of employees engaged in carrying out functions financed by the revolving fund established by section 633(c) of this title. The annual billings shall also include a state- ment of the fai

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 657t — Office of Credit Risk Management

Page 1079 TITLE 15—COMMERCE AND TRADE § 657t 1 So in original. Probably should be ‘‘premises’’. Editorial Notes AMENDMENTS 2015—Subsec. (a)(4). Pub. L. 114–92 substituted ‘‘which is principally for supplies from a regular dealer in such supplies, and which is not a contract principally for services or construction’’ for ‘‘for supplies from a reg- ular dealer in such supplies’’ in introductory provi- sions. Statutory Notes and Related Subsidiaries INAPPLICABILITY OF REQUIREMENT TO REVIEW AND JUSTIFY CERTAIN CONTRACTS Pub. L. 113–66, div. A, title XVI, § 1615, Dec. 26, 2013, 127 Stat. 950, provided that: ‘‘In the case of a contract to which the provisions of section 46 of the Small Busi- ness Act (15 U.S.C. 657s) apply, the requirements under section 802 of the National Defense Authorization Act for Fiscal Year 2013 (Public Law 112–239; 126 Stat. 1824; 10 U.S.C. 2304 note [now 10 U.S.C. note prec.]) do not apply.’’ § 657t. Office of Credit Risk Management (a) Establishment There is established within the Administra- tion the Office of Credit Risk Management (in this section referred to as the ‘‘Office’’). (b) Duties The Office shall be responsible for super- vising— (1) any lender making loans under section 7(a) [15 U.S.C. 636(a)] (in this section referred to as a ‘‘7(a) lender’’); (2) any Lending Partner or Intermediary participant of the Administration in a lending program of the Office of Capital Access of the Administration; and (3) any small business lending company or a non-Federally regulated lender without regard to the requirements of section 650 of this title. (c) Director (1) In general The Office shall be headed by the Director of the Office of Credit Risk Management (in this section referred to as the ‘‘Director’’), who sha

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