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Senators introduce NAFCU-sought bill to hold CDFI Fund accountable
A bipartisan group of senators have introduced NAFCU-sought legislation to 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.
Sens. Steve Daines, R-Mont., Mark Warner, D-Va., Mike Crapo, R-Idaho, and Raphael Warnock, D-Ga., introduced the CDFI Fund Transparency Act last week; a companion bill was previously introduced in the House.
“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. 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.”
NAFCU has been a strong advocate for clear communication and transparency from the fund, specifically in light of the fund’s continued blackout period for its application process. NAFCU and CUNA recently sent suggested revisions for the application and certification agreement to the fund.
The association will continue to advocate for transparency and accountability from the CDFI Fund.