The CDFI Fund Transparency Act would require the Treasury Secretary (or a designee) to testify annually before Congress about how the Community Development Financial Institutions Fund operates, but only if the chairmen of the Senate Banking Committee and House Financial Services Committee request it. The bill aims to increase transparency and accountability regarding this federal fund, which provides financing and support to community development financial institutions that serve low-income and underserved areas. The legislation makes a straightforward change to the 1994 Community Development Banking and Financial Institutions Act by adding an annual testimony requirement. No new funding is specified in the bill, and the requirement could begin as soon as the legislation passes and is enacted. This change would give Congress more direct oversight and visibility into how Treasury manages and distributes the CDFI Fund's resources to help serve disadvantaged communities.
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