A bill to establish a small dollar loan-loss guarantee fund, and for other purposes.
Latest action · Dec 2, 2009 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedDec 2, 2009
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 3
Members who signed on, in the order they did. Signatures ran from Dec 2, 2009 to Mar 23, 2010, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-IL | Richard J. Durbin | Original | Dec 2, 2009 |
| D-NJ | Robert Menendez | Dec 23, 2009 | |
| D-MI | Debbie Stabenow | Mar 23, 2010 |
Actions 3
Everything that happened, newest first.
- Dec 2, 2009Introduced in Senate
- Dec 2, 2009Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Dec 2, 2009Sponsor introductory remarks on measure. (CR S12162)
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Dec 2, 2009Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.