WASHINGTON—A bill has been introduced by a bipartisan group of senators that would require the Treasury Secretary or their designee to testify about Community Development Financial Institutions (CDFI) Fund before both the House Financial Services Committee and the Senate Banking Committee annually.
After earlier being introduced in the House, the e CDFI Fund Transparency Act has now been introduced in the Senate by Sens. Steve Daines (R-MT), Mark Warner (D-VA). Mike Crapo (R-ID) and Raphael Warnock (D-GA).
‘Essential Resource’
“The Community Development Financial Institutions Fund is an essential resource for credit unions that serve those who need economic support but face limited access to financial services in their communities,” said NAFCU in a statement. “We applaud Senators Daines, Warner, Crapo and Warnock for recognizing the importance of congressional oversight to ensure the fund is carrying out its intended mission. NAFCU has been a vocal supporter of the CDFI Fund Transparency Act and look forward to seeing this swiftly passed into law.”
As CUToday.info reported here, NAFCU and CUNA recently sent suggested revisions for the application and certification agreement to the fund.
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