S.2824 - A bill to establish a small dollar loan-loss guarantee fund, and for other purposes.111th Congress (2009-2010)
Summary: S.2824 — 111th Congress (2009-2010)
Introduced in Senate (12/02/2009)
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.