CDFI Fund Transparency Act

Key Points

• This bill requires the Treasury Department to report to Congress every year about the Community Development Financial Institutions Fund. A top official would have to testify in person to explain how the fund is operating and where the money is going.
• This fund is a federal program that helps banks and credit unions provide loans to low-income areas and people who have trouble getting traditional bank accounts. This change is meant to make sure the program is actually helping the communities that need it most.
• The bill was introduced by a bipartisan group of senators who want more transparency. This means they want to make it easier for the public and lawmakers to see if the government is spending this money wisely and effectively.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.