II 

117TH CONGRESS 

2D SESSION S. 4165 

To amend the Community Development Banking and Financial Institutions 

Act of 1994 to establish a CDFI National Crisis Fund, and for other 

purposes. 

IN THE SENATE OF THE UNITED STATES 

MAY 9, 2022 

Mr. SCHATZ (for himself, Ms. BALDWIN, Mr. VAN HOLLEN, Mrs. GILLIBRAND, Mr. WYDEN, Ms. WARREN, Mrs. FEINSTEIN, Mr. BLUMENTHAL, 

Mr. SANDERS, Mr. HEINRICH, Mr. MERKLEY, and Mr. WARNER) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘CDFI Crisis Fund 

5 Act’’. 

6 SEC. 2. CDFI NATIONAL CRISIS FUND. 

7 (a) IN GENERAL.—The Community Development 

8 Banking and Financial Institutions Act of 1994 (12 


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1 U.S.C. 4701 et seq.) is amended by inserting after section 

2 122 (12 U.S.C. 4719) the following: 

3 ‘‘SEC. 123. CDFI CRISIS FUND. 

4 ‘‘(a) DEFINITIONS.—In this section: 

5 ‘‘(1) AFFECTED AREA.—The term ‘affected 

6 area’ means— 

7 ‘‘(A) a State that is subject to a covered 

8 crisis; 

9 ‘‘(B) a county that is subject to a covered 

10 crisis described in paragraph (3)(B); or 

11 ‘‘(C) a Tribal government that is— 

12 ‘‘(i) located in a State that is subject 

13 to a covered crisis; or 

14 ‘‘(ii) subject to a covered crisis. 

15 ‘‘(2) COMMUNITY DEVELOPMENT FINANCIAL IN16 STITUTION.—The term ‘community development fi17 nancial institution’ shall include small and emerging 

18 community development financial institutions, as de19 fined in the most recent relevant regulations from 

20 the Department of the Treasury. 

21 ‘‘(3) COVERED CRISIS.—The term ‘covered cri22 sis’ means— 

23 ‘‘(A) the emergency involving Federal pri24 mary responsibility determined to exist by the 

25 President under section 501(b) of the Robert T. 


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1 Stafford Disaster Relief and Emergency Assist2 ance Act (42 U.S.C. 5191(b)) with respect to 

3 the Coronavirus disease 2019 (COVID–19); 

4 ‘‘(B) a major disaster exists in the State 

5 for which assistance is authorized under section 

6 408 of the Robert T. Stafford Disaster Relief 

7 and Emergency Assistance Act (42 U.S.C. 

8 5174) for a county; 

9 ‘‘(C) a major disaster exists in the State 

10 for which assistance is authorized under section 

11 408 of the Robert T. Stafford Disaster Relief 

12 and Emergency Assistance Act (42 U.S.C. 

13 5174) for individuals who live in an area of the 

14 State in which a majority of the residents of the 

15 State reside; 

16 ‘‘(D) an increase in statewide 6-month av17 erage unemployment rate, seasonally adjusted, 

18 by not less than 0.5 percentage points more 

19 than the lowest recorded unemployment rate 

20 over the preceding 12-month period; or 

21 ‘‘(E) an increase in the national 3-month 

22 average unemployment rate, seasonally ad23 justed, by not less than 0.5 percentage points 

24 more than the lowest recorded unemployment 

25 rate over the preceding 12-month period. 


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1 ‘‘(4) CRISIS FUND.—The term ‘Crisis Fund’ 

2 means the CDFI National Crisis Fund established 

3 under this section. 

4 ‘‘(5) LOW-INCOME.—The term ‘low-income’ 

5 means having an income, as adjusted for family size, 

6 that is— 

7 ‘‘(A) for metropolitan areas, less than 80 

8 percent of the area median income; and 

9 ‘‘(B) for nonmetropolitan areas, the great10 er of— 

11 ‘‘(i) less than 80 percent of the area 

12 median income; or 

13 ‘‘(ii) less than 80 percent of the state14 wide nonmetropolitan area median income. 

15 ‘‘(6) MINORITY COMMUNITY DEVELOPMENT FI16 NANCIAL INSTITUTION.—The term ‘minority commu17 nity financial institution’ means a community devel18 opment financial institution that— 

19 ‘‘(A) if a privately-owned institution, 51 

20 percent is owned by one or more socially and 

21 economically disadvantaged individuals; 

22 ‘‘(B) if publicly-owned, 51 percent of the 

23 stock is owned by one or more socially and eco24 nomically disadvantaged individuals; and 


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1 ‘‘(C) in the case of a mutual institution, 

2 where the majority of the Board of Directors, 

3 account holders, and the community which the 

4 institution services is predominantly Black 

5 American, Native American, Hispanic Amer6 ican, or Asian American. 

7 ‘‘(7) NATIVE COMMUNITY DEVELOPMENT FI8 NANCIAL INSTITUTION.— 

9 ‘‘(A) IN GENERAL.—The term ‘Native 

10 community development financial institution’ 

11 means a community development financial insti12 tution— 

13 ‘‘(i) the activities of which not less 

14 than 51 percent serve Native Americans; 

15 or 

16 ‘‘(ii) that is not less than 51 percent 

17 owned or controlled Native Americans. 

18 ‘‘(B) NATIVE AMERICANS.—In this para19 graph, the term ‘Native Americans’ has the 

20 meaning given the term in section 3765 of title 

21 38, United States Code. 

22 ‘‘(8) STATE.—The term ‘State’ means any 

23 State of the United States, the District of Columbia, 

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1 lands, Guam, American Samoa, and the Common2 wealth of the Northern Mariana Islands. 

3 ‘‘(9) TRIBAL GOVERNMENT.—The term ‘Tribal 

4 government’ has the meaning given the term ‘Indian 

5 tribal government’ in section 102 of the Robert T. 

6 Stafford Disaster Relief and Emergency Assistance 

7 Act (42 U.S.C. 5122). 

8 ‘‘(10) VERY LOW-INCOME.—The term ‘very low9 income’ means having an income, as adjusted for 

10 family size, that is— 

11 ‘‘(A) for metropolitan areas, less than 50 

12 percent of the area median income; and 

13 ‘‘(B) for nonmetropolitan areas, the great14 er of— 

15 ‘‘(i) less than 50 percent of the area 

16 median income; or 

17 ‘‘(ii) less than 50 percent of the state18 wide nonmetropolitan area median income. 

19 ‘‘(b) PURPOSE.—The purpose of this section is to cre20 ate a fund to support community development financial 

21 institutions during acute periods of crisis in their mission 

22 to provide uniquely supportive financial products and serv23 ices to otherwise underserved clients. 


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1 ‘‘(c) ESTABLISHMENT.—There is established in the 

2 Treasury the CDFI National Crisis Fund, which shall be 

3 within the Fund. 

4 ‘‘(d) AVAILABILITY OF CRISIS FUND.—Amounts in 

5 the Crisis Fund shall be available, until expended, to pro6 vide grants to community development financial institu7 tions as provided under this section. 

8 ‘‘(e) GRANTS.— 

9 ‘‘(1) IN GENERAL.—The Crisis Fund shall be 

10 authorized to make grants to community develop11 ment financial institutions to enable those institu12 tions to provide emergency assistance in the form of 

13 financial products and services to help small busi14 nesses and low-income and very low-income popu15 lations respond to and recover from covered crises in 

16 the affected area. 

17 ‘‘(2) APPLICATION.— 

18 ‘‘(A) IN GENERAL.—The Secretary shall— 

19 ‘‘(i) accept applications during the pe20 riod beginning upon notification of a cov21 ered crisis under subsection (f) and ending 

22 on the date that is 6 months after the date 

23 of the notification; 


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1 ‘‘(ii) approve or deny any application 

2 submitted for a grant under paragraph (1) 

3 not later than 30 days after receipt; and 

4 ‘‘(iii) upon request by an applicant for 

5 a grant under paragraph (1), provide tech6 nical assistance for the applicant. 

7 ‘‘(B) SELECTION FORMULA.— 

8 ‘‘(i) IN GENERAL.—Not later than 

9 180 days after the date of enactment of 

10 this section, the Fund shall— 

11 ‘‘(I) develop a selection formula 

12 as may be necessary for the selection 

13 of community development financial 

14 institutions to receive assistance 

15 under this section and guidance to aid 

16 those institutions in meeting the for17 mula; and 

18 ‘‘(II) post the information de19 scribed in subclause (I) on a publicly 

20 available website. 

21 ‘‘(ii) CONSIDERATIONS.—In estab22 lishing the selection formula under clause 

23 (i), the Fund shall take into account— 

24 ‘‘(I) the program capacity of a 

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1 stitution to provide emergency assist2 ance in the form of financial products 

3 and services to help targeted popu4 lations or populations in investment 

5 areas recover from covered crises in 

6 the affected area; and 

7 ‘‘(II) the need for simplicity in 

8 the selection formula given the vary9 ing capacities of community develop10 ment financial institutions and the 

11 time frames required under this sec12 tion. 

13 ‘‘(3) AMOUNT OF GRANTS.— 

14 ‘‘(A) DETERMINATION OF AMOUNT.—The 

15 amount of a grant made to a community devel16 opment financial institution under this section 

17 shall be determined based on the previously 

18 demonstrated capacity of the community devel19 opment financial institution to make impactful 

20 financial services and products available, as de21 termined by the Secretary of the Treasury. 

22 ‘‘(B) GRANT AMOUNT.— 

23 ‘‘(i) MAXIMUM.—With respect to 

24 grants made under this section, the grant 

25 shall be in an amount that is not more 


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1 than 10 percent of the total amount in the 

2 Crisis Fund for each fiscal year in which 

3 the community development financial insti4 tution receives a grant. 

5 ‘‘(ii) MINIMUM.—The Fund shall es6 tablish minimum grant amounts under this 

7 section for each fiscal year in which a com8 munity development financial institution 

9 receives a grant under this section based 

10 on the demonstrated capacity of and the 

11 cost of grant requirements for the appli12 cant. 

13 ‘‘(C) LIMITATION OF ASSISTANCE.—The 

14 total aggregate amount outstanding and com15 mitted to any community development financial 

16 institution in grants under this section in any 

17 fiscal year shall not exceed 15 percent of the 

18 total amount of the Crisis Fund. 

19 ‘‘(D) DISTRIBUTION OF ASSISTANCE.—The 

20 Secretary shall disburse the full amount of a 

21 grant under this section to an approved appli22 cant not later than 30 days after the date on 

23 which the application is approved. 

24 ‘‘(E) SET ASIDES.— 


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1 ‘‘(i) NATIVE CDFIS.—Of the amounts 

2 in the Crisis Fund, 10 percent shall be set 

3 aside for grants made to Native commu4 nity development financial institutions, 

5 which set aside may also qualify under 

6 clause (ii). 

7 ‘‘(ii) MINORITY COMMUNITY DEVEL8 OPMENT FINANCIAL INSTITUTIONS.—Of 

9 the amounts in the Crisis Fund, 30 per10 cent shall be set aside for grants made to 

11 minority community development financial 

12 institutions. 

13 ‘‘(F) USE OF GRANT FUNDS FOR MORE

14 THAN 1 COVERED CRISIS.—The Secretary may 

15 retroactively approve use of grant funds for cov16 ered crises in affected areas that took place 

17 after the grant was made. 

18 ‘‘(4) USE OF FUNDS.—A recipient of a grant 

19 under this section— 

20 ‘‘(A) shall use— 

21 ‘‘(i) not less than 90 percent of the 

22 grant funds for activities described in 

23 paragraph (1) in the affected area of the 

24 covered crisis; 


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1 ‘‘(ii) not less than 25 percent of the 

2 grant funds for activities described in 

3 paragraph (1) that benefit very low-income 

4 individuals; and 

5 ‘‘(iii) not less than 15 percent of the 

6 grant funds for activities described in 

7 paragraph (1) that benefit individuals with 

8 incomes of not more than 30 percent of 

9 the area median income, which set aside 

10 may also qualify under clause (ii); 

11 ‘‘(B) may use not more than 10 percent of 

12 the grant funds for administrative costs, costs 

13 related to outreach and partnership building, 

14 and financial products and services to areas 

15 surrounding the affected area; and 

16 ‘‘(C) may use any remaining grant funds 

17 approved for a covered crisis in an affected area 

18 for another covered crisis in an affected area 

19 occurring after the grant was made, if the Sec20 retary approves the use of those funds under 

21 paragraph (3)(F). 

22 ‘‘(5) UNEMPLOYMENT MEASURES FOR TRIBAL

23 GOVERNMENTS.—The Commissioner of the Bureau 

24 of Labor Statistics shall coordinate with the Assist25 ant Secretary of Indian Affairs to develop reliable 


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1 unemployment measures for American Indian, Na2 tive Alaskan, and Native Hawaiian communities in 

3 order to understand when the requirements for a 

4 covered crisis under subsection (a)(1)(C) are met 

5 with respect to a Tribal government. 

6 ‘‘(f) NOTIFICATION OF COVERED CRISIS.— 

7 ‘‘(1) EMERGENCY OR MAJOR DISASTER.—The 

8 Administrator of the Federal Emergency Manage9 ment Agency, through the Secretary of the Treas10 ury, shall notify the Fund when the requirements for 

11 a covered crisis under subparagraph (A) or (B) of 

12 subsection (a)(1) are met, which shall include the 

13 date on which the requirements are met and the rel14 evant affected areas. 

15 ‘‘(2) UNEMPLOYMENT.—The Secretary of 

16 Labor, through the Secretary of the Treasury, shall 

17 notify the Crisis Fund when the requirements for a 

18 covered crisis under subsection (a)(1)(C) are met, 

19 which shall include the date on which the require20 ments are met and the relevant affected areas, in21 cluding for Tribal governments. 

22 ‘‘(g) DATA.—The Fund shall post updates on— 

23 ‘‘(1) the disbursements of funds from the Crisis 

24 Fund, including the distribution of funds going to 

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1 mographic data regarding the areas and populations 

2 receiving funds from the Crisis Fund; and 

3 ‘‘(2) all other applications made, denied, and 

4 disbursed on a monthly basis during a covered crisis. 

5 ‘‘(h) REPOSITORY OF BEST PRACTICES.—Based on 

6 the recommendations of the Comptroller General of the 

7 United States and data that the Secretary of the Treasury 

8 may collect from recipients of grants under this section, 

9 the Secretary of the Treasury shall— 

10 ‘‘(1) develop a publicly accessible database of 

11 best practices for effective use of those grants, in12 cluding past case studies of success and other useful 

13 information; and 

14 ‘‘(2) issue guidance, restrictions, and regula15 tions with respect to those grants. 

16 ‘‘(i) AUTHORIZATION OF APPROPRIATIONS.— 

17 ‘‘(1) CRISIS FUND AUTHORIZATION.—To carry 

18 out this section, there are authorized to be appro19 priated to the Crisis Fund $2,000,000,000 for fiscal 

20 year 2023, to remain available until expended. 

21 ‘‘(2) FUTURE FISCAL YEARS.—For every fiscal 

22 year following fiscal year 2023, there is authorized 

23 to be appropriated to the Crisis Fund an amount 

24 equal to the amount by which— 


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1 ‘‘(A) $2,000,000,000 (or, if greater, the 

2 amount determined for such fiscal year under 

3 paragraph (3)); exceeds 

4 ‘‘(B) the balance of the Crisis Fund as of 

5 the last day of the fiscal year preceding the fis6 cal year involved. 

7 ‘‘(3) INFLATION ADJUSTMENT.— 

8 ‘‘(A) IN GENERAL.—Subject to subpara9 graph (B), the amount determined under this 

10 paragraph for a fiscal year is the product of— 

11 ‘‘(i) $2,000,000,000; and 

12 ‘‘(ii) the quotient obtained by divid13 ing— 

14 ‘‘(I) the Consumer Price Index 

15 for all-urban consumers published by 

16 the Department of Labor for the 12- 

17 month period ending with September 

18 of the preceding fiscal year; and 

19 ‘‘(II) the Consumer Price Index 

20 for All-Urban Consumers published by 

21 the Department of Labor for the 12- 

22 month period ending with September 

23 2019. 

24 ‘‘(B) RULE OF APPLICATION.—In no case 

25 shall the application of this paragraph result in 


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1 the application under paragraph (2)(A) of an 

2 amount for a fiscal year that is less than the 

3 amount that applied under such paragraph 

4 (2)(A) for the preceding fiscal year. 

5 ‘‘(4) ADMINISTRATIVE EXPENSES.—Of the 

6 amounts made available under paragraph (1), the 

7 Crisis Fund may use not more than 0.5 percent for 

8 administrative costs and expenses. 

9 ‘‘(j) REGULATIONS.—The Secretary of the Treasury 

10 may prescribe such regulations as necessary to carry out 

11 this section. 

12 ‘‘(k) REPORT.—Not later than 1 year after the date 

13 of enactment of this section and periodically thereafter, 

14 the Comptroller General of the United States shall submit 

15 to Congress a report— 

16 ‘‘(1) evaluating the impact of this section in 

17 meeting intended outcomes, focusing on the use of 

18 the Crisis Fund in aiding community development fi19 nancial institutions to support their communities 

20 and helping them respond to and recover from nat21 ural disasters and economic crises; and 

22 ‘‘(2) making recommendations to the Fund and 

23 to Congress.’’. 

24 (b) TECHNICAL AND CONFORMING AMENDMENT.— 

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1 nity Development and Regulatory Improvement Act of 

2 1994 (Public Law 103–325; 108 Stat. 2160) is amended 

3 by inserting after the item relating to section 121 the fol4 lowing: 

‘‘Sec. 122. Grants to establish loan-loss reserve funds. 

‘‘Sec. 123. CDFI Crisis Fund.’’. 

5 SEC. 3. RESILIENCE GRANTS. 

6 Section 108 of the Community Development Banking 

7 and Financial Institutions Act of 1994 (12 U.S.C. 4707) 

8 is amended— 

9 (1) in subsection (a)(1)— 

10 (A) in subparagraph (A), by striking 

11 ‘‘and’’ at the end; 

12 (B) in subparagraph (B), by striking the 

13 period at the end and inserting ‘‘; and’’; and 

14 (C) by adding at the end the following: 

15 ‘‘(C) grants to community development fi16 nancial institutions (as defined in section 123) 

17 to improve resilience to the impacts of covered 

18 crises (as defined in section 123) in any State 

19 (as defined in section 123).’’; 

20 (2) in subsection (d)— 

21 (A) in paragraph (1), by striking ‘‘para22 graph (2)’’ and inserting ‘‘paragraphs (2) and 

23 (3)’’; 


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1 (B) by redesignating paragraph (3) as 

2 paragraph (4); 

3 (C) by inserting after paragraph (2) the 

4 following: 

5 ‘‘(3) RESILIENCE GRANTS.—With respect to re6 silience grants described in subsection (a)(1)(C), 

7 each grant made in a fiscal year shall be in an 

8 amount that is not more than 10 percent of the total 

9 amount appropriated for resilience grants for that 

10 fiscal year.’’; and 

11 (D) in paragraph (4), as so redesignated, 

12 by striking ‘‘paragraphs (1) and (2)’’ and in13 serting ‘‘paragraphs (1), (2), and (3)’’; 

14 (3) by redesignating subsections (e) through (h) 

15 as subsections (f) through (i), respectively; and 

16 (4) by inserting after subsection (d) the fol17 lowing: 

18 ‘‘(e) RESILIENCE GRANTS.— 

19 ‘‘(1) IN GENERAL.—With respect to resilience 

20 grants described in subsection (a)(1)(C), the Sec21 retary of the Treasury shall award the grants based 

22 on criteria established by the Fund, including— 

23 ‘‘(A) making awards for projects that the 

24 Fund determines will have the greatest impact 


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1 in improving resilience for low-income popu2 lations; and 

3 ‘‘(B) coordinating with the Federal Emer4 gency Management Agency, the Department of 

5 Housing and Urban Development, and with the 

6 Small Business Administration, as relevant, to 

7 ensure that the awards meet unmet resilience 

8 needs. 

9 ‘‘(2) USE OF FUNDS.—A recipient of a resil10 ience grant described in subsection (a)(1)(C) shall 

11 use— 

12 ‘‘(A) not less than 25 percent of the grant 

13 funds for activities described in paragraph (1) 

14 that benefit very low-income individuals; and 

15 ‘‘(B) not less than 15 percent of the grant 

16 funds for activities described in paragraph (1) 

17 that benefit individuals with incomes of not 

18 more than 30 percent of the area median in19 come. 

20 ‘‘(3) SET ASIDES.— 

21 ‘‘(A) NATIVE CDFIS.—Of the amounts 

22 made available under this subsection, 10 per23 cent shall be set aside for resilience grants 

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1 cial institutions, which set aside may also qual2 ify under subparagraph (ii). 

3 ‘‘(B) MINORITY COMMUNITY DEVELOP4 MENT FINANCIAL INSTITUTIONS.—Of the 

5 amounts made available under this subsection, 

6 30 percent shall be set aside for grants made 

7 to minority community development financial 

8 institutions. 

9 ‘‘(4) REPOSITORY OF BEST PRACTICES.—Based 

10 on the recommendations of the Comptroller General 

11 of the United States and data that the Secretary of 

12 the Treasury may collect from recipients of resilience 

13 grants described in subsection (a)(1)(C), the Sec14 retary of the Treasury shall— 

15 ‘‘(A) develop a publicly accessible database 

16 of best practices for effective use of those 

17 grants, including past case studies of success 

18 and other useful information; and 

19 ‘‘(B) issue guidance, restrictions, and regu20 lations with respect to those grants. 

21 ‘‘(5) AUTHORIZATION OF APPROPRIATIONS.— 

22 To provide resilience grants described in subsection 

23 (a)(1)(C), there is authorized to be appropriated to 

24 the Fund $30,000,000 for fiscal year 2023, to re25 main available until expended. 


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1 ‘‘(6) DEFINITIONS.—In this subsection, the 

2 terms ‘low-income’, ‘minority community develop3 ment financial institution’, ‘Native community devel4 opment financial institution’, and ‘very low-income’ 

5 have the meanings given those terms in section 

6 123.’’. 

Æ 


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