WASHINGTON—The House Financial Services Committee has passed the CDFI Fund Transparency Act (H.R. 3161) by a voice vote.
The bipartisan bill would require congressional testimony on the Treasury’s Community Development Financial Institutions (CDFI) Fund’s operations and activities.
“Increased transparency into the CDFI Fund would ensure all entities – both the government and financial service providers – remain focused on that mission,” America’s Credit Unions President/CEO Jim Nussle wrote to the committee prior to the markup, encouraging it to advance the legislation.
Support for 2 Bills
America’s Credit Unions said it also supports the intent behind two other bills passed by committee:
- The Bank Resilience and Regulatory Improvement Act (H.R. 8337), which has language increasing certain supervisory asset threshold levels currently at $10 billion to $50 billion
- The Clarity in Lending Act (H.R. 8338), which contains provisions providing unfair, deceptive, or abusive acts or practices (UDAAP) enforcement action clarity and exempts small financial institutions from the CFPB’s section 1071 rule on small business lending data collection
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