IB 
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] 
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A BILL 
To amend the Riegle Community Development and Regu-
latory 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. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘CDFI Fund Trans-
parency 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 Com-
mittee of the House of Representatives and the Chair 
of the Banking, Housing, and Urban Affairs Com-
mittee of the Senate, annually testify before such com-
mittees (or a subcommittee of such committees) re-
garding— 
‘‘(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 devel-
opment financial institutions participating in 
the State Small Business Credit Initiative; 
‘‘(C) steps the Secretary and the Fund are 
taking to support community development finan-
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cial institutions, including those that are minor-
ity depository institutions, through the financial 
agent mentor-prote´ge´ program; 
‘‘(D) how community development financial 
institutions, including minority depository insti-
tutions, 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 institu-
tions, including minority depository insti-
tutions, through coordination with pruden-
tial regulators to promote and preserve mi-
nority depository institutions pursuant to 
section 308 of the Financial Institutions 
Reform, Recovery, and Enforcement Act of 
1989; 
‘‘(ii) address technology challenges fac-
ing community development financial insti-
tutions, including those that are minority 
depository institutions; 
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‘‘(iii) incentivize community develop-
ment financial institutions to provide start- 
up capital for young entrepreneurs; 
‘‘(iv) raise public awareness about 
community development financial institu-
tions and minority depository institutions, 
including providing a searchable map with 
institution locations; 
‘‘(v) coordinate with regulators to en-
sure certification and reporting require-
ments are appropriately streamlined for 
community development financial institu-
tions; and 
‘‘(vi) explore securitization options 
that might help expand the reach of commu-
nity development financial institutions.’’. 
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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 Fi-
nancial 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 Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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