Lawmakers Try Again to Solve CDFI Liquidity Crunch
Community development financial institutions are facing challenges similar to their customers — raising the funds vital to stay in business. A Senate bill aims to help CDFIs address liquidity shortfalls during the current economic uncertainties.
On May 4, Sens. Mark R. Warner, D-Va., and Mike Crapo, R-Idaho, reintroduced the Scaling Community Lenders Act, continuing their campaign to resurrect Section 113 of the Riegle Act of 1994 — known as the CDFI liquidity enhancement program — by allocating roughly $100 million in assistance to eligible pilot programs through the federal CDFI Fund. They first introduced the legislation in July, but it did not advance last year and had to be reoffered.
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