WASHINGTON--A Senate bill introduced Friday would provide much-needed transparency for the Treasury’s Community Development Financial Institutions (CDFI) Fund.
Sen. Steve Daines (R-MT) reintroduced the CDFI Fund Transparency Act with Sens. Mark Warner (D-VA), Mike Crapo (R-ID) and Raphael Warnock (D-GA), America's Credit Unions reported.
Specifically, the bill would require annual Congressional testimony on the Treasury’s Community Development Financial Institutions (CDFI) Fund’s operations and activities.
"Transparency builds trust among decision makers and the public. The Community Development Financial Institutions (CDFI) Fund plays a critical role in strengthening vulnerable Americans, low-income and underserved communities—it must remain focused on its mission,” said America’s Credit Unions President/CEO Jim Nussle. “To ensure that accountability and trust remain strong, we thank Senator Daines for introducing the CDFI Fund Transparency Act. The provisions within this bill are essential to ensuring the CDFI Fund continues its impact for millions of Americans in need, and we urge Congress to advance and pass this legislation.”
“Montana’s Credit Unions thank Senator Daines for his leadership in advancing the CDFI Fund Transparency Act. His efforts will further strengthen the CDFI Fund and support its mission, ensuring credit unions and other mission-driven financial institutions can continue expanding access to affordable financial services for underserved communities across the country, including right here in Montana,” said Montana’s Credit Unions President/CEO Gerry Singleton.
Daines has also offered the text of this bill and other CDFI-related amendments to the Senate version of the National Defense Authorization Act.
DCUC Comments
The Defense Credit Union Council noted that it strongly supports the introduction of the CDFI Fund Transparency Act.
"This bipartisan legislation will provide much-needed oversight and accountability to ensure the Treasury’s Community Development Financial Institutions Fund remains focused on its core mission: expanding access to affordable financial services for vulnerable Americans, low-income families, rural communities, and our nation’s military families," said DCUC Chief Advocacy Officer Jason Stverak. "Defense credit unions have seen firsthand the positive impact of the CDFI Fund. By providing essential resources, CDFIs empower credit unions to deliver responsible loans, financial education, and community development initiatives that strengthen underserved communities. Our member institutions, many of which serve on or near military installations, rely on the Fund to help bridge economic gaps for service members, veterans, and their families who too often face unique financial challenges tied to deployments, relocations, and the transition to civilian life."
Stverak added that DCUC has consistently called for the Fund to operate with greater transparency and predictability, especially as credit unions have faced significant delays and uncertainty in the certification and recertification process.
"Annual reporting and testimony to Congress, as envisioned in this legislation, will help build trust among policymakers, communities, and financial institutions. It will also ensure that the Fund remains accountable to the mission for which it was created: strengthening America’s most underserved populations," Stverak said. "We applaud Senators Steve Daines, Mark Warner, Mike Crapo and Raphael Warnock for their bipartisan leadership on this important issue. Their efforts to increase transparency will help protect and expand the CDFI Fund’s impact at a time when communities—especially those connected to our military—need it most. DCUC urges Congress to move quickly on this measure to safeguard the future of the Fund and the millions of Americans it supports.”