Daines, Warner, Crapo, Warnock Introduce Bill to Increase Economic Prosperity, Strengthen CDFI Fund

• September 5, 2025

U.S. SENATE - U.S. Senators Steve Daines (R-Mont.), Mark Warner (D-Va.), Mike Crapo (R-Idaho), and Raphael Warnock (D-Ga.) today introduced the bipartisan "CDFI Fund Transparency Act." The bill will ensure operations surrounding the CDFI fund are more transparent.

"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," said Daines.

"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,"said Warner.

"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,"said Crapo.

"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," said Warnock.

Read the bill text HERE.

Statement of Support:

"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." - Jim Nussle, President/CEO of America's Credit Unions

Background:

Community Development Financial Institutions (CDFIs) play a critical role in bringing capital and financial services to a wide range of small businesses, homeowners and housing developers. The "CDFI Fund Transparency Act" would require the Secretary of the Treasury to testify annually before the Senate Banking and House Financial Services Committees regarding the operations of the CDFI Fund during the previous fiscal year.

Daines is a member of the bipartisan Senate CDFI Caucus and has strongly supported efforts to strengthen CDFI programs. In August 2025 Daines joined his colleagues in sending a letter to the Office of Management and Budget (OMB) urging the disbursement of $324 million in congressionally-appropriated funding from the CDFI Fund.

Daines also co-sponsored an additional amendment in the NDAA that would expand codified language impacting CDFIs and extend the CDFI Bond Guarantee Program for four years and lower the bond amount from $100 million to $25 million.

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Contact: Matt Lloyd, Gabby Wiggins