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

Tax reform complicates year-end tax planning

Get your clients ready for tax season with these year-end tax planning strategies, which address how to make the most of recent tax law changes, such as the new deduction for qualified business income and the cap on the deductibility of state and local taxes.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.