Senate CDFI Fund bill would bring needed transparency

A Senate bill introduced Friday would provide much-needed transparency for the Treasury’s Community Development Financial Institutions (CDFI) Fund. Sen. Steve Daines, R-Mont., reintroduced the CDFI Fund Transparency Act with Sens. Mark Warner, D-Va., Mike Crapo, R-Idaho, and Raphael Warnock, D-Ga.

Specifically, the bill would require annual Congressional testimony on the Treasury’s Community Development Financial Institutions (CDFI) Fund’s operations and activities.

"Transparency builds trust among decision makers and the public. The Community Development Financial Institutions (CDFI) Fund plays a critical role in strengthening vulnerable Americans, low-income and underserved communities—it must remain focused on its mission,” said America’s Credit Unions President/CEO Jim Nussle. “To ensure that accountability and trust remain strong, we thank Senator Daines for introducing the CDFI Fund Transparency Act. 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.”

“Montana’s Credit Unions thank Senator Daines for his leadership in advancing the CDFI Fund Transparency Act. His efforts will further strengthen the CDFI Fund and support its mission, ensuring credit unions and other mission-driven financial institutions can continue expanding access to affordable financial services for underserved communities across the country, including right here in Montana,” said Montana’s Credit Unions President/CEO Gerry Singleton.

Daines has also offered the text of this bill and other CDFI-related amendments to the Senate version of the National Defense Authorization Act, and America’s Credit Unions continues to advocate that it is included in the final version.