H.R. 1674: National Consumer Cooperative Bank Act Amendments of 2009

H.R. 1674

National Consumer Cooperative Bank Act Amendments of 2009

Sponsor
Rep. Carolyn B. Maloney

Date
June 16, 2009 (111th Congress, 1st Session)

Staff Contact
Communications

Floor Situation

H.R. 1674 is being considered under suspension of the rules, requiring a two-thirds vote for passage. The legislation was introduced by Rep. Carolyn Maloney (D-NY) on March 23, 2009.

Bill Summary

H.R. 1674 would grant eligibility to the National Consumer Cooperative Bank to receive Community Development Financial Institutions funds.

Background

The National Consumer Cooperative Bank focuses on delivering banking and financial services to housing, education, health care, cultural centers; small businesses; and social service cooperatives in economically distressed communities. The Community Development Financial Institutions (CDFI) Fund (a Treasury Department program) promotes economic revitalization and community development through investment in and assistance to community development financial institutions.
Since its creation in 1995, the Fund has awarded $864 million to community development organizations and financial institutions. The bank is currently not eligible under the law to receive CDFI funds.

Cost

There is no Congressional Budget Office (CBO) cost estimate yet available for H.R. 1674