"Lawmakers and representatives of the community development financial institutions, or CDFIs, bemoaned potential obstacles and cuts to government funding of those institutions during a Senate Banking Committee hearing.

A Biden administration proposal to overhaul the certification process for CDFIs — as well as potential cuts to the CDFI fund proposed by some Republican lawmakers — came under fire at a Senate Banking subcommittee hearing on Tuesday. Lawmakers on both sides of the aisle were broadly supportive of the public mission of CDFIs, and pushed back on any incursion into their funding or certification."