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.

RESOURCES

Keeping you informed and prepared amid the coronavirus crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.

SPONSORED REPORT

Getting leases in line

ASC Topic 842 is a relatively simple standard that can mean profound changes for organizations with leases. This report examines what makes this standard challenging and describes new ways for CPAs to add value.