A bill to establish a small dollar loan-loss guarantee fund, and for other purposes.

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Congressional Research Service

Official summary

Version 00 · Introduced in Senate · Dec 2, 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.

Read the summary on Congress.gov

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People & committees

Who introduced it

Sen. Kohl, Herb [D-WI] · D–WI

Committees

Banking, Housing, and Urban Affairs Committee

3 cosponsorship records, including any withdrawals

Legislative record

Actions

A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.

Dec 2, 2009
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Dec 2, 2009
Sponsor introductory remarks on measure. (CR S12162)
Dec 2, 2009
Introduced in Senate

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in Senate · Dec 2, 2009 Formatted Text PDF Formatted XML

Related bills identified by Congress.gov

No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.

Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.

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Neutral evidence review

Objective

Analyze S.2824 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

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Discuss S.2824, 111th Congress: A bill to establish a small dollar loan-loss guarantee fund, and for other purposes.

Official record: https://www.congress.gov/bill/111th-congress/senate-bill/2824

Text version to examine: Introduced in Senate · 2009-12-02.

Official full text: https://www.congress.gov/111/bills/s2824/BILLS-111s2824is.htm

Imported record last updated by the source: 2025-04-07T15:18:58Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze S.2824 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine S.2824 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

View full prompt & sources

Discuss S.2824, 111th Congress: A bill to establish a small dollar loan-loss guarantee fund, and for other purposes.

Official record: https://www.congress.gov/bill/111th-congress/senate-bill/2824

Text version to examine: Introduced in Senate · 2009-12-02.

Official full text: https://www.congress.gov/111/bills/s2824/BILLS-111s2824is.htm

Imported record last updated by the source: 2025-04-07T15:18:58Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.2824 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine S.2824 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

View full prompt & sources

Discuss S.2824, 111th Congress: A bill to establish a small dollar loan-loss guarantee fund, and for other purposes.

Official record: https://www.congress.gov/bill/111th-congress/senate-bill/2824

Text version to examine: Introduced in Senate · 2009-12-02.

Official full text: https://www.congress.gov/111/bills/s2824/BILLS-111s2824is.htm

Imported record last updated by the source: 2025-04-07T15:18:58Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.2824 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine S.2824 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss S.2824, 111th Congress: A bill to establish a small dollar loan-loss guarantee fund, and for other purposes.

Official record: https://www.congress.gov/bill/111th-congress/senate-bill/2824

Text version to examine: Introduced in Senate · 2009-12-02.

Official full text: https://www.congress.gov/111/bills/s2824/BILLS-111s2824is.htm

Imported record last updated by the source: 2025-04-07T15:18:58Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.2824 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.