[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3161 Reported in House (RH)]

<DOC>





                                                 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]


_______________________________________________________________________

                                 A BILL


 
 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.


 


    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

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

SEC. 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-protege 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.''.
                                                 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 
 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.

_______________________________________________________________________

                            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