CDFI Fund Transparency Act

IB Union Calendar No. 541 118TH CONGRESS 2D SESSION H. R. 3161 [Report No. 118–644] To amend the Riegle Community Development and Regulatory Improvement Act of 1994 to require the Director of the Community Development Financial Institutions Fund to testify on an annual basis before the Financial Services Committee of the House of Representatives and the Banking, Housing, and Urban Affairs Committee of the Senate. IN THE HOUSE OF REPRESENTATIVES MAY 9, 2023 Mr. ROSE (for himself and Ms. PETTERSEN) introduced the following bill; which was referred to the Committee on Financial Services AUGUST 30, 2024 Additional sponsors: Mr. STEIL, Mr. OGLES, Mr. TIMMONS, Mr. BARR, Mr. FITZGERALD, Mrs. HOUCHIN, Mr. DONALDS, Mrs. KIM of California, Ms. DE LA CRUZ, Mr. WILLIAMS of Texas, Mr. MOONEY, Mr. KILMER, Mr. MEUSER, Mr. NICKEL, Mr. NUNN of Iowa, Mrs. HINSON, Mr. GROTHMAN, Mrs. BICE, Mr. EDWARDS, Mr. VAN ORDEN, Mr. ROGERS of Kentucky, Mr. LAWLER, Mr. SESSIONS, Mr. BERGMAN, Mrs. MILLER- MEEKS, Mr. FINSTAD, and Mr. LAHOOD AUGUST 30, 2024 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed [Strike out all after the enacting clause and insert the part printed in italic] [For text of introduced bill, see copy of bill as introduced on May 9, 2023] VerDate Sep 11 2014 21:16 Aug 30, 2024 Jkt 049200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6652 E:\BILLS\H3161.RH H3161 ssavage on LAPJG3WLY3PROD with BILLS 2 •HR 3161 RH A BILL To amend the Riegle Community Development and Regu- latory Improvement Act of 1994 to require the Director of the Community Development Financial Institutions Fund to testify on an annual basis before the Financial Services Committee of the House of Representatives and the Banking, Housing, and Urban Affairs Committee of the Senate. VerDate Sep 11 2014 21:16 Aug 30, 2024 Jkt 049200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6652 E:\BILLS\H3161.RH H3161 ssavage on LAPJG3WLY3PROD with BILLS 3 •HR 3161 RH Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘CDFI Fund Trans- 4 parency Act’’. 5 SEC. 2. REQUIREMENT TO TESTIFY ANNUALLY. 6 Section 104(b) of the Riegle Community Development 7 and Regulatory Improvement Act of 1994 (12 U.S.C. 8 4703(b)) is amended by adding to the end the following: 9 ‘‘(5) ANNUAL TESTIMONY.—The Secretary of the 10 Treasury (or a designee of the Secretary) shall, at the 11 discretion of the Chair of the Financial Services Com- 12 mittee of the House of Representatives and the Chair 13 of the Banking, Housing, and Urban Affairs Com- 14 mittee of the Senate, annually testify before such com- 15 mittees (or a subcommittee of such committees) re- 16 garding— 17 ‘‘(A) the operations of the Fund during the 18 previous year; 19 ‘‘(B) steps the Secretary and the Fund are 20 taking to support the work of community devel- 21 opment financial institutions participating in 22 the State Small Business Credit Initiative; 23 ‘‘(C) steps the Secretary and the Fund are 24 taking to support community development finan- 25 VerDate Sep 11 2014 21:16 Aug 30, 2024 Jkt 049200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6203 E:\BILLS\H3161.RH H3161 ssavage on LAPJG3WLY3PROD with BILLS 4 •HR 3161 RH cial institutions, including those that are minor- 1 ity depository institutions, through the financial 2 agent mentor-prote´ge´ program; 3 ‘‘(D) how community development financial 4 institutions, including minority depository insti- 5 tutions, that received amounts provided in the 6 Coronavirus Response and Relief Supplemental 7 Appropriations Act, 2021 have used and are 8 using such amounts; and 9 ‘‘(E) any steps the Secretary and the Fund 10 are taking to— 11 ‘‘(i) support minority lending institu- 12 tions, including minority depository insti- 13 tutions, through coordination with pruden- 14 tial regulators to promote and preserve mi- 15 nority depository institutions pursuant to 16 section 308 of the Financial Institutions 17 Reform, Recovery, and Enforcement Act of 18 1989; 19 ‘‘(ii) address technology challenges fac- 20 ing community development financial insti- 21 tutions, including those that are minority 22 depository institutions; 23 VerDate Sep 11 2014 21:16 Aug 30, 2024 Jkt 049200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6203 E:\BILLS\H3161.RH H3161 ssavage on LAPJG3WLY3PROD with BILLS 5 •HR 3161 RH ‘‘(iii) incentivize community develop- 1 ment financial institutions to provide start- 2 up capital for young entrepreneurs; 3 ‘‘(iv) raise public awareness about 4 community development financial institu- 5 tions and minority depository institutions, 6 including providing a searchable map with 7 institution locations; 8 ‘‘(v) coordinate with regulators to en- 9 sure certification and reporting require- 10 ments are appropriately streamlined for 11 community development financial institu- 12 tions; and 13 ‘‘(vi) explore securitization options 14 that might help expand the reach of commu- 15 nity development financial institutions.’’. 16 VerDate Sep 11 2014 21:16 Aug 30, 2024 Jkt 049200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6203 E:\BILLS\H3161.RH H3161 ssavage on LAPJG3WLY3PROD with BILLS Union Calendar No. 541 118TH CONGRESS 2D SESSION H. R. 3161 [Report No. 118–644] A BILL To amend the Riegle Community Development and Regulatory Improvement Act of 1994 to require the Director of the Community Development Fi- nancial Institutions Fund to testify on an annual basis before the Financial Services Committee of the House of Representatives and the Banking, Housing, and Urban Affairs Committee of the Senate. AUGUST 30, 2024 Reported with an amendment, committed to the Com- mittee of the Whole House on the State of the Union, and ordered to be printed VerDate Sep 11 2014 21:16 Aug 30, 2024 Jkt 049200 PO 00000 Frm 00006 Fmt 6651 Sfmt 6651 E:\BILLS\H3161.RH H3161 ssavage on LAPJG3WLY3PROD with BILLS