GovTrack’s Bill Summary
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S. 2528 (110th): Full Faith and Credit in Our Communities Act of 2007
- Introduced:
- Dec 19, 2007 (110th Congress, 2007–2009)
- Sponsor:
- Sen. Robert “Bob” Menéndez [D-NJ]
- Status:
- Died (Referred to Committee)
The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.
Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
12/19/2007--Introduced.
Full Faith and Credit in Our Communities Act of 2007 - Amends the Community Banking and Financial Institutions Act of 1994 to require the Secretary of the Treasury to guarantee payments on tax-exempt bonds or notes issued by any approved issuer if their proceeds are used to make loans to eligible community development financial institutions:
(1) for eligible community or economic development purposes; or
(2) to refinance loans or notes issued for such purposes.
Lists among such community or economic development purposes, especially in low-income or underserved rural areas, developing or supporting:
(1) commercial facilities that promote revitalization, community stability, or job creation or retention;
(2) businesses that provide jobs for low-income people or are owned by low-income people, or enhance the availability of products and services to them;
(3) community facilities;
(4) the provision of basic financial services; and
(5) housing that is principally affordable to low-income people.
Specifies that assistance used to facilitate homeownership shall only be used for services and lending products that:
(1) serve low-income people; and
(2) are not provided by other lenders in the area, or complement the services and lending products provided by other lenders that serve the investment area or targeted population.
Authorizes an eligible community development financial institution or an issuer to use a bond or note to reduce the interest rate on a loan made by an issuer to an eligible community development financial institution for any community or economic development purpose.
Requires each issuer, during the term of a guarantee, to establish a risk-share pool meeting certain criteria.
Requires any issuer receiving a guarantee on a bond or note to pay a specified fee to the Director of the Community Development Financial Institutions Fund.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
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The bill contains the following citations to other parts of U.S. law:
United States Code
The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)
- Title 12: BANKS AND BANKING
- Chapter 47: COMMUNITY DEVELOPMENT BANKING
- Subchapter I: COMMUNITY DEVELOPMENT BANKING AND FINANCIAL INSTITUTIONS
- Section 4701: Findings and purposes