Legislation1w ago
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To authorize implementation grants to community-based nonprofits to operate one-stop reentry centers.
HR8548Rep. Kamlager-Dove, Sydney [D-CA-37] (D-CA)
introduced
HR7789119th CongressWALLET
Federal Loan Systems Modernization Act of 2026
Sponsored By: Representative Finstad
Introduced
Summary
Lending.gov would create a centralized, government-wide platform to run Federal loan programs and modernize loan management technology. It focuses on faster origination, fraud prevention, and a single place for borrowers and agencies to manage loans.
Show full summary
- Borrowers and families would see faster loan origination, clearer transparency, and stronger fraud controls through a unified customer experience.
- Federal agencies would follow a migration plan that targets programs making more than 50 loans per year or with aggregate loans over $10,000,000. Agencies keep ownership of their data and must provide it in standardized, portable formats.
- The Administrator of the General Services and the Director of the Office of Management and Budget would set standards, oversee the platform, and require a 6-month planning period to stand it up. Operations would be funded by customer agency remittance fees, capped at 0.25% of a loan's face value, with a dedicated remittance fund and mechanisms for interagency cost recovery and provider governance.
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Bill Overview
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
Create a single Lending.gov portal
If enacted, the bill would create a single, government-wide loan portal called Lending.gov. The Platform would use commercial loan software to streamline Federal loan programs and agency processing. After the initial Platform is set up, the Director could designate up to three more shared service providers. Any new providers would use the same public-facing tools so applicants see a consistent experience.
New platform fees and agency payments
If enacted, agencies that use the Platform would have to reimburse the Provider under interagency or service agreements. The Platform could collect a remittance fee on each loan it services, set no higher than 0.25 percent of the loan face value. The fee could not be charged on direct loans to individual borrowers unless the agency head certifies it will not harm borrower affordability or access. Collected fees would go into a dedicated remittance fund used only for Platform operations.
Who must move and migration rules
If enacted, the Director would publish criteria saying which loan programs must migrate to the Platform. Programs that originate or service more than 50 loans a year or more than $10,000,000 in aggregate loans would meet the rule. Migration must begin no later than two years after the Administrator's plan and finish within three years after enactment. The Director may grant exceptions up to three years, but must notify Congress and require agencies to prepare post-exception migration plans. The Administrator would set government-wide loan standards and send annual reports to Congress on migration, exceptions, service levels, and long-term cost effectiveness.
Provider duties, data, and surveys
If enacted, the designated Provider would operate, maintain, and improve the Platform and give onboarding and technical help to agencies. The Provider must follow Federal cybersecurity and privacy rules and include auditable financial management features. Customer agencies would keep ownership and full access to their program data and be able to export it in standardized, non‑proprietary formats. The Provider must survey program managers at least annually and fix problems if survey thresholds are missed.
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Sponsors & CoSponsors
Sponsor
Finstad
MN • R
Cosponsors
Rep. Krishnamoorthi, Raja [D-IL-8]
IL • D
Sponsored 3/4/2026
Roll Call Votes
No roll call votes available for this bill.
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