Payday loans

Announcement of Small Loans Program Winners

The Community Development Financial Institutions Fund today awarded more than $11.4 million in grants to 66 community development financial institutions under the Small Loans Program for fiscal year 2022. The awards will help expand l consumer access to financial institutions by offering alternatives to high-cost, low-value loans. Winners included 10 banks and bank holding companies who received a total of $2 million.

“The Small Loans Program rewards for fiscal year 2022 will help more CDFIs provide safe alternatives to expensive payday lenders,” said Jodie Harris, CDFI Fund Director. “In the current economic climate, so many Americans are living paycheck to paycheck. I am proud that these grants expand access to small, affordable loans for underserved and distressed communities. »

Bank Enterprise Award Program Applications

The CDFI Fund is also seeking public feedback on the application process for the Bank Enterprise Award program for the 2023 to 2025 funding cycles. The CDFI Fund is seeking feedback on a number of application-related issues, including whether raising information is necessary for the proper performance of the agency’s functions; ways to improve the quality, usefulness and clarity of the information collected; and ways to minimize the burden of collecting information on respondents.

Comments are also sought on other BEA-related considerations, such as whether the CDFI Fund should require applicants to provide information on their most recent Community Investment Act rating and enforcement measures taken against them. Comments are due November 28.