Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, and Senator Mark Warner (D-VA), held the inaugural meeting of a new advisory group focused on public policies that support minority depository institutions (MDIs) and community development financial institutions (CDFIs), whose mission includes supporting low- and moderate-income communities, communities of color, and minority-owned businesses. The initial focus of the group will be to informally advise Chairwoman Waters and Senator Warner in overseeing the implementation of $12 billion in capital investment and grant programs Chairwoman Waters and Senator Warner secured to strengthen MDIs and CDFIs. These programs were established by the Consolidated Appropriations Act, 2021 (P.L. 116-260), and are being administered by the U.S. Department of the Treasury and the CDFI Fund.

“As part of my ongoing support for MDIs and CDFIs, I look forward to continuing to collaborate with Senator Warner and key stakeholders in this new forum to help expand federal support for diverse and mission-driven financial institutions,” said Chairwoman Waters. “This will aid our work with the Biden-Harris Administration to ensure that federal programs and policies are improved to be mindful of the unique needs and challenges facing these important institutions that have been a lifeline during the pandemic to the communities they serve.”

“I was proud to work with Chairwoman Waters and a bipartisan group of our colleagues to ensure that support for CDFIs and MDIs constituted a key plank of the December relief bill,” said Senator Warner. “I look forward to working with this group to make sure that these unprecedented investments are implemented in a way that gets this support out the door as efficiently and effectively as possible.”

In addition to staff from the offices of Chairwoman Waters, Senator Warner and the Office of Vice President Harris, the participants in the first meeting of the advisory group include:

Jeannie Jacokes, Community Development Bankers Association 

Robert James, National Bankers Association

Cathie Mahon, Inclusiv

Charles Phillips, Black Economic Alliance

Jennifer Vasiloff, Opportunity Finance Network

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