New Lender Oversight Regulations Boost SBA Enforcement Authority


The Small Business Administration issued an interim final rule for new lender oversight regulations in its guaranteed loan program. The regulations, which went into effect Jan. 12, give the agency greater enforcement authority and increase transparency on how risk is evaluated. The new regulations clarify supervision and enforcement actions for all SBA lenders and partners including banks, small business lending companies, certified development companies, microloan intermediaries, and the SBA’s National Technical Assistance Providers network.

The SBA first published the new lender oversight rules in October 2007. The rules as issued reflect revisions that considered the more than 300 public comments received since the initial publication.

“Given the difficult economy, SBA must do whatever it can to protect small businesses and the nation’s taxpayers from unnecessary risk,” said SBA Acting Administrator Sandy Baruah in a news release. “With improved oversight, SBA is taking action to reduce the potential for waste, fraud, and abuse in its loan programs.”

The final interim rules are available at the Federal Register online at www.gpoaccess.gov/fr.

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

News quiz: Taking an economic snapshot and looking to the future

Recent news included IRS actions that affect individuals and partnerships and a possibly influential move by a Big Four accounting firm.Take this short quiz to see how much you know about the news.