Bill Introduced to Provide $4B in Grants to MDIs and CDFIs

A new bill would authorize $4 billion in additional capital, grants, and technology support for Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs). House Financial Services Ranking Member Maxine Waters (CA), says she reintroduced "The Promoting and Advancing Communities of Color Through Inclusive Lending Act" to honor the 30th anniversary of the creation of the CDFI fund.

The bill would also:

• Require Treasury to provide an interactive, searchable map of MDIs and CDFIs that shows the geographic locations of their headquarters and branch locations.
• Codify an annual report on certified CDFIs regarding the impact various types of CDFIs have on different communities.
• Ensure MDIs and CDFIs have access to the Fed's discount window.

According to the NCUA, there are 27 credit unions designated as MDIs in Maryland and the District, while The U.S.Department of Treasury lists 4 credit unions as CDFIs in Maryland and the District.