A major bank policy bill passed by the House yesterday includes language to help smaller community development financial institutions and require annual reports to Congress on the state of the CDFI Fund, according to a summary of the legislation by the CDFI Coalition.
The Main Street Capital Access Act (H.R. 6955) passed the House yesterday with bipartisan support. The bill contains several provisions to better tailor regulation to bank size and risk profile, as well as boost de novo bank formation. It also contains provisions related to CDFIs, including:
- The Treasury Secretary would be required to testify annually before the Senate Banking and House Financial Services Committees on the operations of the CDFI Fund.
- An extension of the CDFI Bond Guarantee Improvement Act through Dec. 31, 2028. The bill would also lower the minimum loan size under the program from $100 million to $25 million and remove the annual limit on guarantees, making the program more accessible to smaller CDFIs, according to the coalition.
With House passage, the bill next heads to the Senate.
