504 Credit Risk Management Improvement Act of 2024

This bill establishes an Office of Credit Risk Management within the Small Business Administration to oversee the SBA's 504 loan program. It requires the Office to conduct random file reviews of 504 loan closings (with 60-day reporting), supervise certified development companies (CDCs), and enforce rules through formal actions or fees. CDCs are directly affected, facing mandatory file reviews, potential penalties for violations (up to $250,000), and new fees based on their loan portfolio size. The bill also mandates SBA rules for CDCs to comply with environmental review requirements under the National Environmental Policy Act.