15 U.S.C. § 657u — Lender Oversight Committee

Page 1081 TITLE 15—COMMERCE AND TRADE § 657u Small Business Administration and the Administrator thereof, respectively.’’ § 657u. Lender Oversight Committee (a) Establishment There is established within the Administra- tion 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); and (2) the remaining members shall be non- voting members who shall serve in an advisory capacity on the Committee. (c) Duties The Committee shall— (1) review reports on lender oversight activi- ties; (2) review formal enforcement action rec- ommendations 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 Inter- mediary participant of the Administration in a lending program of the Office of Capital Ac- cess 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 Ad- ministrator; (4) in carrying out paragraph (2) with respect to any formal enforcement action not speci- fied under subsection (d) or (e) of section 650 of this title, vote to approve, disapprove, or mod- ify the action; (5) review, in an advisory capacity, any lend- er oversight, portfolio risk management, or program integrity matters brought by the Di- rector; and (6) take such other actions and perform such other functions as may be delegated to the Committee by the Administrator. (d) Meetings (1) In general The Committee shall meet as necessary, but not less frequently than on a quarterly basis. (2) Reports The Committee shall submit to the Adminis- trator a report detailing each meeting of the Committee, including if the Committee does or does not vote to approve a formal enforce- ment 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.) Statutory Notes and Related Subsidiaries 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, estab- lished under section 48 of the Small Business Act [15 U.S.C. 657u], as added by subsection (a).’’ TRANSFER OF FUNCTIONS Pub. 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, in- cluding 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).’’ CHAPTER 14B—SMALL BUSINESS INVESTMENT PROGRAM SUBCHAPTER I—GENERAL PROVISIONS Sec. 661. Congressional declaration of policy. 662. Definitions. SUBCHAPTER II—SMALL BUSINESS INVESTMENT DIVISION OF SMALL BUSINESS ADMINISTRATION 671. Establishment; Associate Administrator; ap- pointment and compensation. 672. Repealed. SUBCHAPTER III—INVESTMENT DIVISION PROGRAMS PART A—SMALL BUSINESS INVESTMENT COMPANIES 681. Organization. 682. Capital requirements. 683. Borrowing operations. 684. Equity capital for small-business concerns. 685. Long-term loans to small-business concerns. 686. Aggregate limitations on amount of assist- ance to any single enterprise. 687. Operation and regulation of companies. 687a. Revocation and suspension of licenses; cease and desist orders. 687b. Investigations and examinations; power to subpena and take oaths and affirmations; aid of courts; examiners; reports. 687c. Injunctions and other orders. 687d. Conflicts of interest. 687e. Removal or suspension of management offi- cials. 687f. Unlawful acts and omissions by officers, di- rectors, employees, or agents. 687g. Penalties and forfeitures. 687h. Jurisdiction and service of process. 687i, 687j. Repealed. 687k. Guaranteed obligations not eligible for pur- chase by Federal Financing Bank. 687l. Issuance and guarantee of trust certificates. 687m. Periodic issuance of guarantees and trust cer- tificates. 688. Repealed. PART B—NEW MARKETS VENTURE CAPITAL PROGRAM 689. Definitions. 689a. Purposes. 689b. Establishment. 689c. Selection of New Markets Venture Capital companies. 689d. Debentures. 689e. Issuance and guarantee of trust certificates. 689f. Fees. 689g. Operational assistance grants. 689h. Bank participation. 689i. Federal Financing Bank. 689j. Reporting requirement.