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.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S12162)
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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