U.S. Capitol Building. U.S. Capitol Building. (Source: Shutterstock)

Testimony during a Senate Subcommittee hearing Wednesday continued the months-long discussions and debates surrounding the expansion and impact Community Development Financial Institutions (CDFIs) have on the under- and unbanked people in the country.

For those members who attended the Senate Banking Subcommittee on Housing, Transportation, and Community Development hearing, most were extremely positive about the financial impact CDFIs have had on communities, especially during the pandemic. Sen. Mark Warner (D-Va.) suggested increasing CDFI funding in the FY 2022 budget by $90 million, which would bring the total budget up to $360 million.

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Michael Ogden

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