CDFI transparency bill will ensure fund continues to fulfill mission

The National Mall in Washington, D.C.

America’s Credit Unions President/CEO Jim Nussle wrote in strong support of the Community Development Financial Institution (CDFI) Fund Transparency Act (H.R. 3161) prior to its scheduled markup by the House Financial Services Committee. The bipartisan bill would require Congressional testimony on the Treasury’s CDFI Fund’s operations and activities, and was introduced by Reps. John Rose, R-Tenn., and Brittany Pettersen, D-Colo.

“By requiring additional congressional oversight and accountability of the fund, lawmakers and constituents can ensure it is effectively carrying out its intended mission to help low-income and underserved communities,” Nussle wrote. “Increased transparency into the CDFI Fund would ensure all entities – both the government and financial service providers – remain focused on that mission. We urge the Committee to pass and advance this legislation.”

America’s Credit Unions also supports the overall goal of the following bills under consideration:

  • The Bank Resilience and Regulatory Improvement Act’s (H.R. 8337) language that would increase certain supervisory asset threshold levels currently at $10 billion to $50 billion, including for Durbin Amendment, CFPB supervision, and Qualified Mortgage requirements, along with establishing a formal independent exam appeals process; and
  • The Clarity in Lending Act (H.R. 8338) language that provides standards for CFPB unfair, deceptive, or abusive acts or practices (UDAAP) enforcement actions. Title III of the bill exempts the smallest financial institutions from the CFPB’s small business lending rule under section 1071 of the Dodd-Frank Act.

The markup is scheduled to begin at 10 a.m. Eastern today.

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