118 HR 3161 RH: CDFI Fund Transparency Act U.S. House of Representatives 2024-08-30 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

IBUnion Calendar No. 541118th CONGRESS2d SessionH. R. 3161[Report No. 118–644]IN THE HOUSE OF REPRESENTATIVESMay 9, 2023Mr. Rose (for himself and Ms. Pettersen) introduced the following bill; which was referred to the Committee on Financial ServicesAugust 30, 2024Additional 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. LaHoodAugust 30, 2024Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printedStrike out all after the enacting clause and insert the part printed in italicFor text of introduced bill, see copy of bill as introduced on May 9, 2023A BILLTo 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.

1.

Short title

This Act may be cited as the CDFI Fund Transparency Act.

2.

Requirement to testify annually

Section 104(b) of the Riegle Community Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4703(b)) is amended by adding to the end the following:(5)

Annual testimony

The Secretary of the Treasury (or a designee of the Secretary) shall, at the discretion of the Chair of the Financial Services Committee of the House of Representatives and the Chair of the Banking, Housing, and Urban Affairs Committee of the Senate, annually testify before such committees (or a subcommittee of such committees) regarding—(A)the operations of the Fund during the previous year;(B)steps the Secretary and the Fund are taking to support the work of community development financial institutions participating in the State Small Business Credit Initiative;(C)steps the Secretary and the Fund are taking to support community development financial institutions, including those that are minority depository institutions, through the financial agent mentor-protégé program;(D)how community development financial institutions, including minority depository institutions, that received amounts provided in the Coronavirus Response and Relief Supplemental Appropriations Act, 2021 have used and are using such amounts; and(E)any steps the Secretary and the Fund are taking to—(i)support minority lending institutions, including minority depository institutions, through coordination with prudential regulators to promote and preserve minority depository institutions pursuant to section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989;(ii)address technology challenges facing community development financial institutions, including those that are minority depository institutions;(iii)incentivize community development financial institutions to provide start-up capital for young entrepreneurs;(iv)raise public awareness about community development financial institutions and minority depository institutions, including providing a searchable map with institution locations; (v)coordinate with regulators to ensure certification and reporting requirements are appropriately streamlined for community development financial institutions; and(vi)explore securitization options that might help expand the reach of community development financial institutions..

August 30, 2024Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed