Committee Holds Virtual Hearing on Importance of CDFIs and MDIs in Communities Affected by COVID-19 Pandemic

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Cmte Financial Services (R)
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Committee Holds Virtual Hearing on Importance of CDFIs and MDIs in Communities Affected by COVID-19 Pandemic

Washington, Jun 3 -

Today, the Subcommittee on Consumer Protection and Financial Institutions held the Committee’s first virtual hearing on the important role Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) play in minority and low-income communities hardest hit by the coronavirus (COVID-19) pandemic.

“Today’s hearing focuses on promoting inclusion in lending, particularly with respect to Minority Depository Institutions, and Community Development Financial Institutions. As we know, MDIs and CDFIs make up a significant portion of the banking services for minority owned businesses, and majority-minority neighborhoods. In light of the events of the last few weeks, it is important that we conduct this hearing with the understanding that every member of this subcommittee agrees that there is no place for racism in banking, or more importantly in our society. … While banking policy can seem menial at a time when the country is recovering from a once in a century pandemic, and as protests continue around the country, the services that our witnesses and financial institutions across the U.S. provide are fundamental to rebuilding our economy,” said Subcommittee Ranking Member Blaine Luetkemeyer (MO-03) in his opening remarks.

“We all have an interest in ensuring that the broad base of our populace in our country—whether rural or urban, living on the margins or those that have newly found themselves living on the margins—that they have equal access to financial products, and especially the ones we urgently put in place in a bipartisan way through the CARES Act,” said Ranking Republican Patrick McHenry (NC-10) in his opening remarks.

Witness list:

Ms. Lisa Mensah, President and Chief Executive Officer, Opportunity Finance Network
Mr. Michael T. Pugh, President, Chief Executive Officer and Board Member, Carver Federal Savings Bank

Mr. Samuel C. Scott, Chairman, Black Chicago Tomorrow, and Co-Chair, American Business Immigration Coalition

Mr. James H. Sills III, President and Chief Executive Officer, M&F Bank, on behalf of the Independent Community Bankers of America

Watch the virtual hearing here.

Visit Financial Services Committee Republicans’ website for additional resources and updates on efforts to mitigate the economic impact of coronavirus on consumers.