S. 2704: CDFI Fund Transparency Act

This bill, known as the CDFI Fund Transparency Act, aims to enhance transparency and accountability concerning the operations of the Community Development Financial Institutions (CDFI) Fund, which is part of the Community Development Banking and Financial Institutions Act of 1994. Here are the main points of what the bill would do:

Annual Testimony Requirement

The bill would require the Secretary of the Treasury, or a designated representative, to provide annual testimony before specific congressional committees. This testimony would cover the operations and activities of the CDFI Fund for the previous fiscal year.

Committees Involved

The Secretary would report to:

• The Committee on Banking, Housing, and Urban Affairs of the Senate
• The Committee on Financial Services of the House of Representatives

Purpose of Testimony

The intention behind this requirement is to ensure that Congress receives regular updates and assessments of the CDFI Fund's performance and impact, promoting greater oversight and understanding of how the Fund operates and supports community development.

Implications of the Bill

By mandating this annual reporting, the bill seeks to enhance the accountability of the CDFI Fund, which plays a crucial role in promoting economic development and financial services in underserved communities. It indicates a legislative focus on ensuring that funds are utilized effectively and transparently in alignment with community needs.

Potential Impacts

The implementation of this bill may influence how funds are allocated and managed within the CDFI Fund, potentially affecting the institutions that rely on this funding for their operations.

Relevant Companies

None found