Press Releases

WASHINGTON—U.S. Representatives Brittany Pettersen (D-CO) and John Rose (R-TN), both Members of the House Financial Services Committee, introduced the CDFI Fund Transparency Act to require the Community Development Financial Institutions (CDFI) Fund Director to testify annually before the House Financial Services Committee and the Senate Banking Committee. For the full text of the bill, click here.

“The CDFI Fund plays a critical role in ensuring that access to credit and capital is available to all communities, particularly minority and economically-distressed communities,” said Pettersen. “This legislation will ensure the CDFI Fund is accountable to Congress and the communities it serves.”

“As the late author Stephen R. Covey wrote, ‘accountability breeds response-ability.’ The accountability established through regular hearings will allow Congress to more ably respond to issues involving the CDFI Fund,” said Rose.

The Credit Union National Association supports the legislation. Their President and CEO, Jim Nussle, said in a letter: “The CDFI Fund must be fair and well-functioning on behalf of underserved persons and communities, and the credit unions that serve them. It is also in everyone’s best interests that oversight in support of this goal does not impede the CDFI Fund in its operation. This bill appropriately strikes that balance.”

Ryan Fitzgerald, the Senior Vice President of the GoWest Credit Union Association, also praised the legislation, saying, “the credit unions in the GoWest region are pleased that Rep. Pettersen is serving on the key, House Financial Services Committee. It’s impressive that after being appointed to that committee earlier this year, she’s already introducing important legislation. Many credit unions, as Community Development Financial Institutions, (CDFIs),  are doing impactful work in communities nationwide, and the legislation will give Congress the capability to receive transparent updates on the CDFI Fund when necessary.”