7(a) Program Risk Oversight Act

This bill aims to significantly enhance transparency and oversight of the Small Business Administration's 7(a) loan guarantee program. It achieves this by amending the Small Business Act to expand the annual reporting requirements for the Office of Credit Risk Management. The expanded report will require detailed analyses of program risk, broken down by several new categories. These include the dollar value of loans , the age of the loans since origination, and the type of borrower , distinguishing between new businesses, young businesses, and established businesses. Furthermore, the report must analyze risk based on the type of originating institution , such as bank holding companies, credit unions, small business lending companies, and non-Federally regulated lenders. Additionally, the bill mandates new reporting on the number and total dollar amount of defaulted loans purchased by the Administrator, collections, and charge-offs, categorized by originating institution. It also requires specific data on enforcement actions and civil monetary penalties related to fraud , as well as loans that are 31-59 days past due or determined to have been made fraudulently. Finally, the Director must make this comprehensive report publicly available on the Administration's website within seven days of its submission to Congress.