S 2824 · 111th Congress · Finance and Financial Sector
A bill to establish a small dollar loan-loss guarantee fund, and for other purposes.
Bill Progress
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Introduced2
Committee3
Senate Vote4
House5
EnactedLatest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.(2009-12-02)
Plain Language Summary
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Amends the Community Development Banking and Financial Institutions Act of 1994 to establish the Community Development Financial Institutions (CDFI) Small Dollar Loan-Loss Guarantee Fund to defray the cost of losses on specified qualifying consumer loans (not exceeding $2500) made by certain CDFIs and institutions whose primary mission is to serve low- to moderate-income individuals. Authorizes appropriations to implement the program and to provide technical assistance grants to applicants to develop and support a small dollar loan program. Authorizes the Administrator of the CFDI Fund to borrow from the Treasury as necessary to maintain Fund solvency.…
Summarized by Claude AI · Non-partisan · For informational purposes only
Cosponsors (3)
3 Democrats