S.2824 - A bill to establish a small dollar loan-loss guarantee fund, and for other purposes.

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  • Official: A bill to establish a small dollar loan-loss guarantee fund, and for other purposes. as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
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12/02/09
 
 
 
 
 
 
 

Official Summary

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 certai

Official Summary

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.

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