The U.S. Capitol Building
A bipartisan group of U.S. senators introduced the CDFI Fund Transparency Act, legislation designed to bring greater oversight and accountability to the Community Development Financial Institutions (CDFI) Fund.
The bill, co-sponsored by Sens. Steve Daines (R-Mont.), Mark Warner (D-Va.), Mike Crapo (R-Idaho) and Raphael Warnock (D-Ga.), would require the Secretary of the Treasury to testify annually before Congress on the Fund’s operations during the previous fiscal year.
“CDFIs play a critical role in helping hardworking families in Montana, especially those in rural or underserved communities, gain access to the opportunities they need for financial success,” Daines said. Warner added that greater oversight would “boost accountability and transparency, allowing the Fund to better serve communities.”
Crapo stressed that transparency will “enhance public trust in these vital institutions,” while Warnock noted the importance of ensuring the program works “as intended” for low-income and rural communities.
America’s Credit Unions President/CEO Jim Nussle endorsed the effort, saying, “Transparency builds trust among decision makers and the public. 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.”
The proposal came as lawmakers continue to evaluate CDFI programs and their role in supporting underserved markets, particularly as demand grows for mission-driven lending and community reinvestment.
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