Senators support additional CDFI transparency in hearing

June 22, 2023

Sens. Steve Daines, R-Mont., and Mark Warner, D-Va., were among the legislators Wednesday expressing support for additional transparency at the Treasury’s Community Development Financial Institutions (CDFI) Fund. The comments were made during a Senate Banking, Housing, and Urban Development markup of legislation.

Daines made an amendment—and later withdrew it—that would require annual testimony before Congress from the CDFI Fund. CUNA supports a similar bipartisan bill that has been introduced in the House by Reps. John Rose, R-Tenn., and Brittany Pettersen, D-Colo.

“CDFIs fund great investments in businesses and nonprofits around the country, but we’re hearing about a lack of responsiveness and transparency in the program from key stakeholders,” Daines said, pointing to the current moratorium on new applications as an example.

“As the leader of a CDFI, I appreciate Senator Daines’ support for our unique status as a CDFI serving an underserved market and consumers in Montana," said Eddie Black, president/CEO of Vocal Credit Union. "Senator Daines shows he values CDFIs and his committed to change at the federal level.”

Warner—who co-chairs the Community Development Finance Caucus—said there is bipartisan support on the committee that the CDFIs are a “piece of the financial sector that needs more attention,” and pledged to work with Daines on solutions.

Daines is also a member of the bipartisan Community Development Finance Caucus.