The "CDFI Fund Transparency Act" aims to enhance oversight and accountability for the operations of the Community Development Financial Institutions Fund (CDFI Fund) . It achieves this by amending the Community Development Banking and Financial Institutions Act of 1994 to add new reporting requirements. Specifically, the bill requires the Secretary of the Treasury, or their designee, to provide annual testimony before the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services, or their subcommittees. This testimony, subject to the discretion of the committee chairmen, will detail the CDFI Fund's operations during the preceding fiscal year. This provision is designed to ensure greater transparency regarding the Fund's activities and financial management.
The "CDFI Fund Transparency Act" aims to enhance oversight and accountability for the operations of the Community Development Financial Institutions Fund (CDFI Fund) . It achieves this by amending the Community Development Banking and Financial Institutions Act of 1994 to add new reporting requirements. Specifically, the bill requires the Secretary of the Treasury, or their designee, to provide annual testimony before the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services, or their subcommittees. This testimony, subject to the discretion of the committee chairmen, will detail the CDFI Fund's operations during the preceding fiscal year. This provision is designed to ensure greater transparency regarding the Fund's activities and financial management.