S 2824
111th Congress
Senate
Finance and Financial Sector
Bank accounts, deposits, capital
Consumer credit
Government lending and loan guarantees
A bill to establish a small dollar loan-loss guarantee fund, and for other purposes.
Introduced: December 2, 2009
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 2, 2009
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Dec 2, 2009
Sponsor introductory remarks on measure. (CR S12162)
Dec 2, 2009
Introduced in Senate
Plain-English 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.
What's happening now
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committees of jurisdiction
1
Cosponsors
1