A new bill would authorize $4 billion in additional capital, grants, and support to Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs). House Financial Services Ranking Member Maxine Waters, D-Calif., introduced the bill Wednesday.
“CDFIs are an essential part of the industry’s mission of serving the underserved and we support Congresswoman Maxine Waters’ reintroduction of her bill to help uplift minority communities through lending and banking services,” said America’s Credit Unions President/CEO Jim Nussle. “Far too often we see banks close their doors in rural and minority communities because they aren’t bringing in profits — this is the antithesis of the credit union difference. Credit unions strive to provide a strong foundation and easier financial access for Americans to have good financial health. We welcome any opportunity to bring awareness and support to ensure this common goal is reached.”
The bill would also:
- Require Treasury to provide an interactive, searchable map of MDIs and CDFIs that shows the geographic locations of their headquarters and branch locations;
- Codify an annual report on certified CDFIs regarding the impact various types of CDFIs have on different communities; and
- Ensure MDIs and CDFIs have access to the Fed’s discount window.
