This bill authorizes the creation of "Lending.gov," a centralized online platform to consolidate federal loan applications and management across all federal agencies. The legislation aims to replace outdated, fragmented lending systems with modern commercial technology to reduce costs, speed up loan processing, prevent fraud, and improve transparency and customer experience. The General Services Administration must submit an implementation plan within six months, and all federal agencies administering loan programs must migrate to the platform within three years, unless granted an exception by the Office of Management and Budget. The platform will be operated by a lead federal agency that can charge participating agencies a remittance fee of up to 0.25 percent of loan face value (with restrictions on direct loans to individuals), with collected fees dedicated solely to platform operations and maintenance.
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