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S. 2245 117th Congress Senate

504 Credit Risk Management Improvement Act of 2021

Official title: A bill to amend the Small Business Act to enhance the Office of Credit Risk Management, to require the Administrator of the Small Business Administration to is… Show full official titleShow less

Official title: A bill to amend the Small Business Act to enhance the Office of Credit Risk Management, to require the Administrator of the Small Business Administration to issue rules relating to environmental obligations of certified development companies, and for other purposes.

Introduced: June 24, 2021 Introduced by: Todd Young Republican · Indiana See on congress.gov
Commerce Administrative law and regulatory proceduresAdministrative remediesBanking and financial institutions regulationBusiness records
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Environmental assessment, monitoring, researchFinancial services and investmentsSmall Business AdministrationSmall businessUser charges and fees
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This bill died when the 117th Congress ended
It never became law before the 117th Congress (2021–2022) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 24, 2021
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Jun 24, 2021
Introduced in Senate
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 Latest action June 24, 2021

Read twice and referred to the Committee on Small Business and Entrepreneurship.

 Plain-English summary Congressional Research Service

504 Credit Risk Management Improvement Act of 2021

This bill revises the duties of the Office of Credit Risk Management to include oversight of a certified development company (CDC) that participates in the 504 Loan Program of the Small Business Administration (SBA), and it requires the SBA to issue rules related to certain environmental requirements. The 504 Loan Program provides a small business with SBA financing—through a CDC intermediary—for expansion or modernization.

Specifically, the bill requires the office to oversee any CDC that participates in the program and to conduct file reviews with respect to loan closings under the program. Further, the bill authorizes the office to take formal and informal enforcement actions against a CDC for specified violations and to charge each CDC a fee.

The SBA must issue rules to clarify the procedures necessary for an eligible CDC to comply with certain environmental requirements.

 Related & companion bills 1
  • HR 1482 Identical bill 504 Credit Risk Management Improvement Act of 2021
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2
D
Booker, Cory A.
New Jersey · Jun 24, 2021
 D
Klobuchar, Amy
Minnesota · Jun 24, 2021
Cite this page click to expand
APA
U.S. Congress. (2026). S. 2245: 504 Credit Risk Management Improvement Act of 2021. 117th Congress. Open America. https://openamerica.io/bill/117-S-2245/
MLA
"S. 2245: 504 Credit Risk Management Improvement Act of 2021." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-S-2245/.
Bluebook (legal)
S. 2245, 117th Cong. (2026), https://openamerica.io/bill/117-S-2245/.
Markdown link
[S. 2245: 504 Credit Risk Management Improvement Act of 2021](https://openamerica.io/bill/117-S-2245/)
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