There is one summary for this bill. Bill summaries are authored by CRS.

Shown Here:
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.