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
S3980119th CongressWALLET
Federal Loan Systems Modernization Act of 2026
Sponsored By: Senator Sen. Blackburn, Marsha [R-TN]
Introduced
Summary
Creates a centralized loan platform called Lending.gov to give one place to access Federal loan programs and modernize loan management. The bill would aim to cut costs, prevent fraud, speed loan origination, improve transparency, and make borrower interactions easier.
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Bill Overview
Analyzed Economic Effects
3 provisions identified: 1 benefits, 0 costs, 2 mixed.
Central federal loan platform
If enacted, the bill would create a single, government-wide loan platform called "Lending.gov." The Administrator must deliver a plan within 6 months naming a lead agency and estimating costs and timelines. The lead Provider would run and improve the platform, help agencies move their loan systems, and follow federal cybersecurity and accounting rules. The platform would require data portability and give agencies full access to their program data. The Administrator and OMB would set standards, monitor performance, and publish annual reports. The bill would also let the Administrator recommend up to three additional shared-service Providers that must use the initial Provider's public-facing tools.
Agency loan migration rules
If enacted, the bill would require agencies to move their loan systems to the new platform on a set schedule. The Director must start migrations within 2 years after the Administrator's plan and agencies must finish within 3 years after enactment unless excepted. Programs that handle more than 50 loans a year or more than $10,000,000 in loans are targeted for migration. The Director may grant up to 3-year exceptions, but must notify Congress within 30 days and the Administrator within 15 days. Agencies would reimburse the Provider for services through interagency or service-level agreements, shifting ongoing operating costs to agency budgets.
New remittance fee on loans
If enacted, the bill would let the Provider charge a remittance fee on each Federal loan it services to fund platform operations. The fee would be capped at 0.25% of the loan's face value unless otherwise authorized. A fee could not be charged on direct loans to individual borrowers unless the agency head certifies the fee will not harm borrower affordability, program access, or statutory goals and makes that analysis public. All remittance fees would go into a dedicated fund for platform operations and may be transferred to agencies with Administrator approval.
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Sponsors & CoSponsors
Sponsor
Sen. Blackburn, Marsha [R-TN]
TN • R
Cosponsors
Sen. Hassan, Margaret Wood [D-NH]
NH • D
Sponsored 3/4/2026
Roll Call Votes
No roll call votes available for this bill.
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