August 01, 2022

Van Hollen, Warner, Crapo Unveil Bipartisan Caucus to Fuel Investment in Rural & Low-Income Communities

Today, U.S. Senator Chris Van Hollen (D-Md.) joined Senators Mark R. Warner (D-Va.) and Mike Crapo (R-Idaho) in announcing the creation of the Senate Community Development Finance Caucus (CDFC), a bipartisan caucus dedicated to supporting the missions of Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) to scale their activities and fuel more lending in low- and moderate-income (LMI) communities. 

The 14-member caucus is bipartisan and evenly divided between Democrats and Republicans including Senators Amy Klobuchar (D-Minn.), Mike Braun (R-Ind.), Jon Ossoff (D-Ga.), Steve Daines (R-Mont.), Jack Reed (D-R.I.), Cindy Hyde-Smith (R-Miss.), Tina Smith (D-Minn.), Cynthia Lummis (R-Wyo.), Jerry Moran (R-Kan.), Rev. Raphael Warnock (D-Ga.), and Mike Rounds (R-S.D.).

CDFIs play a critical role in providing responsible and affordable credit to underserved communities. During the pandemic, CDFIs demonstrated their ability to deliver billions of dollars to underserved businesses through the Paycheck Protection Program (PPP), totaling approximately $34 billion.

A summary deck describing the caucus can be found here. More information on the caucus can be found on its webpage here.

The Community Development Finance Caucus has the support of a number of organizations and financial institutions.