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NAFCU-backed legislation expanding Congressional CDFI Fund oversight introduced
Representatives John Rose, R-Tenn., and Brittany Pettersen, D-Colo., Tuesday introduced legislation to amend the Riegle Community Development and Regulatory Improvement Act to require the Treasury Secretary or their designee to testify about Community Development Financial Institutions (CDFI) Fund before both the House Financial Services Committee and the Senate Banking Committee annually. NAFCU Vice President of Legislative Affairs Brad Thaler wrote to Rose and Pattersen to express support for the legislation, citing it will “help enable Congress to ensure the Fund is carrying out its intended mission to help low-income and underserved communities.”
NAFCU has been a strong advocate for clear communication and transparency from the fund, specifically in light of the fund’s continued blackout period for its application process.
Earlier this month, the fund released an update on where revisions to the application stand, stating it expects to begin accepting new certification applications in the fall of 2023. “We are deeply concerned that the CDFI Fund continues to give community-based credit unions the runaround,” said NAFCU President and CEO Dan Berger in response to the update.
The association will continue to engage the CDFI Fund, lawmakers, and credit union members both independently and as part of the CDFI Fund Coalition on these issues. Member credit unions are encouraged to join NAFCU’s CDFI Working Group; contact Senior Associate Director of Legislative Affairs Lewis Plush via email for more details.
NAFCU has published an issue brief detailing the essential work of CDFIs and informing readers of NAFCU’s advocacy efforts underway to support CDFIs. In addition, the brief provides a summary of NAFCU’s legislative and regulatory priorities on CDFI issues.