The bipartisan Advancing Financial Opportunities through Revitalizing and Developing CDFIs (AFFORD) Act was introduced this week by Senators Steve Daines (R-MT) and Mark Warner (D-VA), along with 28 additional Senate co-sponsors.
The legislation incorporates elements from several previously introduced bills, and of significant importance to CDFI credit unions is the CDFI Fund Transparency Act (S. 2704), which requires the Secretary of the Treasury to testify annually before the Senate Banking and House Financial Services Committees on CDFI Fund operations. This would create opportunities for more conversations on how the program is operating and to develop ways for it to accomplish even more with the funds it has be appropriated.
