A bill to amend the Community Development Banking and Financial Institutions Act of 1994 to establish a CDFI National Crisis Fund, and for other purposes.
About This Bill
Committee
Latest Action · August 4, 2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
CDFI Crisis Fund Act
This bill establishes the CDFI National Crisis Fund. The fund is authorized to make grants to community development financial institutions (CDFIs) providing financial products as emergency assistance to small businesses and low-income populations in certain circumstances. Furthermore, the fund is triggered by
certain emergency declarations, including the COVID-19 (i.e., coronavirus disease 2019) emergency period; certain disaster declarations; a specified increase in a statewide unemployment rate; or a specified increase in the nationwide unemployment rate. Specified amounts in the fund are set aside for grants to Native and minority CDFIs.
The Government Accountability Office must report on the impact of the fund and provide recommendations.
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