House Financial Services Committee passes CDFI transparency bill

by America's Credit Unions

The House Financial Services Committee passed the America’s Credit Unions-supported CDFI Fund Transparency Act (H.R. 3161) Thursday by a voice vote. The bipartisan bill would require Congressional testimony on the Treasury’s Community Development Financial Institutions (CDFI) Fund’s operations and activities.

“Increased transparency into the CDFI Fund would ensure all entities – both the government and financial service providers – remain focused on that mission,” America’s Credit Unions President/CEO Jim Nussle wrote to the committee prior to the markup, encouraging it to advance the legislation.

America’s Credit Unions also supports the intent behind two other bills passed by committee Thursday:

  • The Bank Resilience and Regulatory Improvement Act (H.R. 8337), which has language increasing certain supervisory asset threshold levels currently at $10 billion to $50 billion; and

 

continue reading »