U.S. Sens. Mark Warner (D-VA) and Mike Crapo (R-ID) are urging the U.S. Department of Treasury to consider all comments received in response to the Community Development Financial Institution (CDFI) application and Annual Certification and Data Collection Report (ACR).
In a letter to Treasury Secretary Janet Yellen, the senators expressed their concern that publishing the new CDFI certification application and guidance by the Office of Management and Budget under the Paperwork Reduction Act (PRA) on Nov. 4 may have been procedurally insufficient. They also relayed to Yellen that the CDFI community believes that industry input is not being considered. Due to these concerns, some stakeholders are requesting that the CDFI application and ACR be published under the formal rulemaking process under the Administrative Procedures Act (APA).
“With the recent sizable investments in CDFIs, we support efforts by Treasury to ensure taxpayer dollars are reaching the intended recipients and used appropriately. However, adequate time to receive and consider comments on the proposed changes is critical to avoid any unintended consequences and is central to ensuring that the CDFI Fund programs reflect the perspectives, and meet the needs, in the low-income, underserved, and rural communities the Fund was created to serve,” the senators wrote in a letter to Yellen.
They requested more information about why Treasury decided that the APA process was not appropriate for issuing new standards. They also requested information on how the CDFI Fund intends to review and consider comments submitted through the PRA process.
Warner and Crapo are co-chairs of the bipartisan Senate Community Development Finance Caucus (CDFC), which they launched last year.