Senators Introduce Legislation to Create $2 Billion CDFI Crisis Fund

Wednesday, August 5, 2020 - 3:00pm

Sen. Brian Schatz, D-Hawaii, and nine cosponsors introduced legislation this week to create a $2 billion Community Development Financial Institutions (CDFI) Crisis Fund to serve as a complement to the existing CDFI Fund. Under the legislation, the CDFI Crisis Fund would be replenished annually by Congress and would be activated nationally or on a state basis by one of two automatic triggers: a rule that defines an economic crisis based on changes to the unemployment rate or a major disaster declaration where the individual assistance program is activated.