WASHINGTON—The House Financial Services Committee was told the Community Development Financial Institution (CDFI) Fund needs additional oversight so it can effectively support underserved communities, according to America’s Credit Unions.
The trade group’s president and CEO, Jim Nussle, wrote to the committee in support of the Community Development Financial Institution (CDFI) Fund Transparency Act (H.R. 3161) prior to its scheduled markup.
The bipartisan bill would require congressional testimony on the Treasury’s CDFI Fund’s operations and activities, and was introduced by Reps. John Rose (R-TN) and Brittany Pettersen (D-CO).
“By requiring additional congressional oversight and accountability of the fund, lawmakers and constituents can ensure it is effectively carrying out its intended mission to help low-income and underserved communities,” Nussle wrote. “Increased transparency into the CDFI Fund would ensure all entities – both the government and financial service providers – remain focused on that mission. We urge the Committee to pass and advance this legislation.”
Additional Support Expressed
America’s Credit Unions said it also supports the overall goal of the following bills under consideration:
- The Bank Resilience and Regulatory Improvement Act’s (H.R. 8337) language that would increase certain supervisory asset threshold levels currently at $10 billion to $50 billion, including for Durbin Amendment, CFPB supervision, and Qualified Mortgage requirements, along with establishing a formal independent exam appeals process
- The Clarity in Lending Act (H.R. 8338) language that provides standards for CFPB unfair, deceptive, or abusive acts or practices (UDAAP) enforcement actions. Title III of the bill exempts the smallest financial institutions from the CFPB’s small business lending rule under section 1071 of the Dodd-Frank Act
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