S. 2824 · 111th Congress
A bill to establish a small dollar loan-loss guarantee fund, and for other purposes.
- Stage
- In committee
- Sponsor
- Herb Kohl
- Introduced
- 2009-12-02
- Latest action
- 2009-12-02 · Introduced in Senate
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.