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

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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Timeline

1. 2 December 2009

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

   Source: IntroReferral

2. 2 December 2009

   Introduced

   Sponsor introductory remarks on measure. (CR S12162)

   Source: IntroReferral

3. 2 December 2009

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 2 December 2009 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 2 December 2009

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 2 December 2009

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 2 December 2009

  Open at official source

Sponsors

• Sen. Kohl, Herb [D-WI] · D · Sponsor
• Richard Durbin · D · Sponsor
• Sen. Menendez, Robert [D-NJ] · D · Cosponsor
• Sen. Stabenow, Debbie [D-MI] · D · Cosponsor
• · ssbk00 · Standing

Related records

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