Sec. 2. Sense of Congress
166 words·~1 min read·
/bill/118/hr/7338/ih/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
It is the sense of Congress that— community development financial institutions are financial institutions that seek to expand economic opportunity in underserved rural investment areas and low-income communities by providing access to financial products and services for local residents and businesses that otherwise may not be accessible; certification as a community development financial institution allows an institution to engage several programs outside of the Community Development Financial Institutions Fund to further support the communities they serve; the Department of the Treasury must continue to support community development financial institutions by standing up an ombudsman office and creating an orderly and transparent process for decertification so as to not cause unintentional harm to the communities they serve; and the establishment of such an office and process should only serve to provide certainty and clarity for community development financial institutions, not to reduce available funds for the substantive work of such institutions, and as such, appropriate support for the Fund to accomplish this goal must be made available.