- Not enactedThe President has not signed this bill
- The house has not voted
- The senate has not voted
Senate Committee on Banking, Housing, and Urban AffairsIntroducedDecember 2nd, 2009
- senate Committees
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A bill to establish a small dollar loan-loss guarantee fund, and for other purposes.
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.