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We Need Accountability in Lending to Financially Underserved Communities

The Biden-Harris administration has made advancing equity and inclusion a top priority, committing to “embedding fairness in decision-making processes, executive departments and agencies” and working to “redress inequities in their policies and programs that serve as barriers to equal opportunity.” Recent reporting has shown these efforts are already making real gains. However, remedying centuries of systemic inequality will take sustained action. One crucial way the Biden-Harris administration can advance equity and inclusion in the economy is through investment in community development financial institutions, or CDFIs. 

CDFIs are loan funds, credit unions, banks and other organizations that express a commitment to extending financing and related services to people in economically distressed and financially underserved communities. In 1994, Congress established the CDFI Fund as a Treasury Department agency and charged it with strengthening this important part of the nation’s financial sector. Since then, the fund has certified more than 1,100 CDFIs.

Read more from The Hill here>>>