CDFI Bond Guarantee Program Improvement Act of 2022

Bill: 117-hr-7733
Sponsor: full_name: Rep. Cleaver, Emanuel [D-MO-5]
Introduced: 2022-05-12
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Business investment and capital

Community Development Financial Institutions Fund

Community life and organization

Congressional oversight

Credit and credit markets

Government information and archives

Government lending and loan guarantees

Government studies and investigations

Housing and community development funding

Securities
Latest action: action_date: 2022-07-28
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2022-05-12
action_desc: Introduced in House
text: <p><strong>CDFI Bond Guarantee Program Improvement Act of 2022 </strong></p> <p>This bill permanently reauthorizes and otherwise revises the Community Development Financial Institutions (CDFI) Bond Guarantee Program. Specifically, the bill (1) reduces the CDFI Bond Guarantee Program minimum issuance amount from $100 million to $25 million, and (2) revises the amount to be held in a CDFI's relending account. </p> <p>(CDFIs are financial institutions serving low-income communities. Designation as a CDFI allows an institution to participate in programs such as the CDFI Bond Guarantee Program. The program provides financing to CDFIs through federal credit subsidies that allow CDFIs to issue bonds.) </p>

action_date: 2022-06-07
action_desc: Reported to House
text: <p><strong>CDFI Bond Guarantee Program Improvement Act of 2022 </strong></p> <p>This bill reauthorizes for four years and otherwise revises the Community Development Financial Institutions (CDFI) Bond Guarantee Program. Specifically, the bill (1) reduces the CDFI Bond Guarantee Program minimum issuance amount from $100 million to $25 million, and (2) revises the amount to be held in a CDFI's relending account. </p> <p>(CDFIs are financial institutions serving low-income communities. Designation as a CDFI allows an institution to participate in programs such as the CDFI Bond Guarantee Program. The program provides financing to CDFIs through federal credit subsidies that allow CDFIs to issue bonds.) </p>

action_date: 2022-07-27
action_desc: Passed House
text: <p><strong>CDFI Bond Guarantee Program Improvement Act of 2022 </strong></p> <p>This bill reauthorizes for four years and otherwise revises the Community Development Financial Institutions (CDFI) Bond Guarantee Program. Specifically, the bill (1) reduces the CDFI Bond Guarantee Program minimum issuance amount from $100 million to $25 million, and (2) revises the amount to be held in a CDFI's relending account. </p> <p>(CDFIs are financial institutions serving low-income communities. Designation as a CDFI allows an institution to participate in programs such as the CDFI Bond Guarantee Program. The program provides financing to CDFIs through federal credit subsidies that allow CDFIs to issue bonds.) </p>

tv_txt: I 117th CONGRESS 2d Session H. R. 7733 IN THE HOUSE OF REPRESENTATIVES May 12, 2022 Mr. Cleaver introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Community Development Banking and Financial Institutions Act of 1994 to reauthorize and improve the community development financial institutions bond guarantee program, and for other purposes.

1. Short title This Act may be cited as the CDFI Bond Guarantee Program Improvement Act of 2022 . 2. Guarantees for bonds and notes issued for community or economic development purposes Section 114A of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4713a ) is amended— (1) in subsection (c)(2), by striking , multiplied by an amount equal to the outstanding principal balance of issued notes or bonds ; (2) in subsection (e)(2)(B), by striking $100,000,000 and inserting $25,000,000 ; and (3) by striking subsection (k).

tv_txt: IB Union Calendar No. 266 117th CONGRESS 2d Session H. R. 7733 [Report No. 117–352] IN THE HOUSE OF REPRESENTATIVES May 12, 2022 Mr. Cleaver introduced the following bill; which was referred to the Committee on Financial Services June 7, 2022 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on May 12, 2022 A BILL To amend the Community Development Banking and Financial Institutions Act of 1994 to reauthorize and improve the community development financial institutions bond guarantee program, and for other purposes.

1. Short title This Act may be cited as the CDFI Bond Guarantee Program Improvement Act of 2022 . 2. Sense of Congress It is the sense of Congress that the authority to guarantee bonds under section 114A of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4713a ) (commonly referred to as the CDFI Bond Guarantee Program ) provides community development financial institutions with a sustainable source of long-term capital and furthers the mission of the Community Development Financial Institutions Fund (established under section 104(a) of such Act ( 12 U.S.C. 4703(a) ) to increase economic opportunity and promote community development investments for underserved populations and distressed communities in the United States. 3. Guarantees for bonds and notes issued for community or economic development purposes Section 114A of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4713a ) is amended— (1) in subsection (c)(2), by striking , multiplied by an amount equal to the outstanding principal balance of issued notes or bonds ; (2) in subsection (e)(2)(B), by striking $100,000,000 and inserting $25,000,000 ; and (3) in subsection (k), by striking September 30, 2014 and inserting the date that is 4 years after the date of enactment of the CDFI Bond Guarantee Program Improvement Act of 2022 . 4. Report on the CDFI bond guarantee program Not later than 1 year after the date of enactment of this Act, and not later than 3 years after such date of enactment, the Secretary of the Treasury shall issue a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate on the effectiveness of the CDFI bond guarantee program established under section 114A of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4713a ).

June 7, 2022 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

tv_txt: IB 117th CONGRESS 2d Session H. R. 7733 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend the Community Development Banking and Financial Institutions Act of 1994 to reauthorize and improve the community development financial institutions bond guarantee program, and for other purposes.

1. Short title This Act may be cited as the CDFI Bond Guarantee Program Improvement Act of 2022 . 2. Sense of Congress It is the sense of Congress that the authority to guarantee bonds under section 114A of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4713a ) (commonly referred to as the CDFI Bond Guarantee Program ) provides community development financial institutions with a sustainable source of long-term capital and furthers the mission of the Community Development Financial Institutions Fund (established under section 104(a) of such Act ( 12 U.S.C. 4703(a) ) to increase economic opportunity and promote community development investments for underserved populations and distressed communities in the United States. 3. Guarantees for bonds and notes issued for community or economic development purposes Section 114A of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4713a ) is amended— (1) in subsection (c)(2), by striking , multiplied by an amount equal to the outstanding principal balance of issued notes or bonds ; (2) in subsection (e)(2)(B), by striking $100,000,000 and inserting $25,000,000 ; and (3) in subsection (k), by striking September 30, 2014 and inserting the date that is 4 years after the date of enactment of the CDFI Bond Guarantee Program Improvement Act of 2022 . 4. Report on the CDFI bond guarantee program Not later than 1 year after the date of enactment of this Act, and not later than 3 years after such date of enactment, the Secretary of the Treasury shall issue a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate on the effectiveness of the CDFI bond guarantee program established under section 114A of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4713a ).

Passed the House of Representatives July 27, 2022. Cheryl L. Johnson, Clerk.

tv_txt: IIB 117th CONGRESS 2d Session H. R. 7733 IN THE SENATE OF THE UNITED STATES July 28, 2022 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To amend the Community Development Banking and Financial Institutions Act of 1994 to reauthorize and improve the community development financial institutions bond guarantee program, and for other purposes.

1. Short title This Act may be cited as the CDFI Bond Guarantee Program Improvement Act of 2022 . 2. Sense of Congress It is the sense of Congress that the authority to guarantee bonds under section 114A of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4713a ) (commonly referred to as the CDFI Bond Guarantee Program ) provides community development financial institutions with a sustainable source of long-term capital and furthers the mission of the Community Development Financial Institutions Fund (established under section 104(a) of such Act ( 12 U.S.C. 4703(a) ) to increase economic opportunity and promote community development investments for underserved populations and distressed communities in the United States. 3. Guarantees for bonds and notes issued for community or economic development purposes Section 114A of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4713a ) is amended— (1) in subsection (c)(2), by striking , multiplied by an amount equal to the outstanding principal balance of issued notes or bonds ; (2) in subsection (e)(2)(B), by striking $100,000,000 and inserting $25,000,000 ; and (3) in subsection (k), by striking September 30, 2014 and inserting the date that is 4 years after the date of enactment of the CDFI Bond Guarantee Program Improvement Act of 2022 . 4. Report on the CDFI bond guarantee program Not later than 1 year after the date of enactment of this Act, and not later than 3 years after such date of enactment, the Secretary of the Treasury shall issue a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate on the effectiveness of the CDFI bond guarantee program established under section 114A of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4713a ).

Passed the House of Representatives July 27, 2022. Cheryl L. Johnson, Clerk.