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Support for Local Lenders: More Funds for Community Development

This act increases financial support for institutions that provide loans in local communities, especially in areas with limited access to financial services. The goal is to facilitate access to credit for residents and small businesses, potentially contributing to economic growth and job creation in these regions.
Key points
Increases the maximum assistance amount for financial institutions from $5 million to $20 million, meaning more funds for community lending.
Facilitates access to capital for local banks and credit unions, which can lead to greater credit availability for citizens and small businesses.
Requires annual reports to Congress on the use of funds, ensuring transparency and oversight of public spending.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_S_4537
Sponsor: Sen. Warner, Mark R. [D-VA]
Process start date: 2022-07-14
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Scaling Community Lenders Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_4537.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-07-14.

What are the main provisions?

Key points include:

  • Increases the maximum assistance amount for financial institutions from $5 million to $20 million, meaning more funds for community lending.
  • Facilitates access to capital for local banks and credit unions, which can lead to greater credit availability for citizens and small businesses.
  • Requires annual reports to Congress on the use of funds, ensuring transparency and oversight of public spending.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Warner, Mark R. [D-VA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy Public Investments