A bipartisan group of U.S. senators introduced the “CDFI Fund Transparency Act” on September 5, 2025. The legislation, led by Senators Steve Daines (R-Mont.), Mark Warner (D-Va.), Mike Crapo (R-Idaho), and Raphael Warnock (D-Ga.), aims to increase transparency in the operations of the Community Development Financial Institutions (CDFI) Fund.
Senator Daines said, “CDFIs play a critical role in helping hardworking families in Montana, especially those in rural or underserved communities, gain access to the opportunities they need for financial success. I’m proud to join my colleagues in introducing this bipartisan amendment that will help boost economic development and ensure transparency surrounding the operations of the CDFI fund.”
Senator Warner highlighted the fund’s long-standing impact: “Since its inception over three decades ago, the CDFI Fund has played a crucial role in fostering economic growth in low-income and rural communities across Virginia. By requiring greater oversight over the program, this bipartisan bill will boost accountability and transparency, allowing the Fund to better serve communities.”
Senator Crapo emphasized public trust: “CDFIs play an important role in Idaho and nationwide. Transparency around the CDFI Fund will enhance public trust in these vital institutions and ensure they are available to fuel economic growth for years to come.”
Senator Warnock added, “I’ve worked hard in the Senate to serve American consumers, especially those from low-income, underserved, and rural communities, and the institutions that serve them, like CDFIs. Putting people at the center of good public policy translates to economic opportunities in our state and transparency is critical to ensure the CDFI fund program is working as intended. I’m proud to work across the aisle on this bipartisan effort.”
Jim Nussle, President/CEO of America’s Credit Unions, expressed support for the bill: “Transparency builds trust among decision makers and the public. The Community Development Financial Institutions (CDFI) Fund plays a critical role in strengthening vulnerable Americans, low-income and underserved communities—it must remain focused on its mission. To ensure that accountability and trust remain strong, we thank Senator Daines for introducing the CDFI Fund Transparency Act. The provisions within this bill are essential to ensuring the CDFI Fund continues its impact for millions of Americans in need, and we urge Congress to advance and pass this legislation.”
Community Development Financial Institutions provide capital and financial services to small businesses, homeowners, and housing developers who may otherwise lack access. Under this proposed law, the Secretary of Treasury would be required to testify annually before congressional committees about CDFI Fund operations from the previous fiscal year.
Senator Daines is part of a bipartisan caucus supporting CDFIs. In August 2025 he joined other lawmakers urging expedited disbursement of $324 million appropriated for CDFIs by Congress. He also co-sponsored an amendment within defense legislation that would extend a key bond guarantee program for four years while lowering its minimum bond amount.
