H.R.4694 - Safe Affordable Small Dollar Loan Act of 2010111th Congress (2009-2010)
|Sponsor:||Rep. Speier, Jackie [D-CA-12] (Introduced 02/25/2010)|
|Committees:||House - Financial Services|
|Latest Action:||02/25/2010 Referred to the House Committee on Financial Services. (All Actions)|
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Subject — Policy Area:
- Housing and Community Development
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Summary: H.R.4694 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (02/25/2010)
Safe Affordable Small Dollar Loan Act of 2010 - Amends the Community Development Banking and Financial Institutions Act of 1994 to require the Community Development Financial Institutions Fund to make grants to community development financial institutions or to any related partnership in order to enable such institutions to establish a loan-loss reserve fund to defray the costs of a small dollar loan program.
Requires a community development financial institution to provide non-federal matching funds equal to 50% of the amount of any grant received.
Prohibits the use of such grants to make direct loans to consumers.
Permits a community development financial institution to use such a grant to: (1) help recapture a portion or all of a defaulted loan made under its small dollar loan program; and (2) designate and utilize a fiscal agent for services the agent normally provides.
Requires the Fund to make technical assistance grants to community development financial institutions to support and maintain a small dollar loan program.