H.R. 7338 · 118th Congress
Rural Credit Access Act of 2024
- Stage
- In committee
- Sponsor
- Zachary (Zach) Nunn
- Introduced
- 2024-02-13
- Latest action
- 2024-02-13 · Introduced in House
Summary
Rural Credit Access Act of 2024
This bill establishes an Office of the Community Development Advocate in the Community Development Financial Institutions Fund. The fund supports Community Development Financial Institutions (CDFIs), which provide financial services to low-income and underserved communities.
The office must ensure the safety and affordability of products and services provided by CDFIs to target populations and investment areas. The office must also collect and address complaints from financial institutions, facilitate coordination between the fund and federal banking agencies, and ensure institutions have access to technical assistance.
The bill also requires the establishment of a process for revoking a CDFI’s certification.