S 2824 · 111th Congress · Finance and Financial Sector

A bill to establish a small dollar loan-loss guarantee fund, and for other purposes.

Introduced 2009-12-02· Sponsored by Sen. Kohl, Herb [D-WI]· Senate

Bill Progress

Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.(2009-12-02)

Plain Language Summary

[AI summary unavailable — showing source text] 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