Treasury Reviews CDFIs for Fraud, Promises Accountability

0:00On April 27, Treasury Department just kicked off a big review of community development financial institutions or CDFIs to spot any violations and make sure federal funds go where they're supposed to. They're checking if the certified groups follow the rules and stick to their funding agreements, all to protect taxpayer money from abuse. Treasury Secretary Scott Besen says CDFIs are key for helping underserved spots get capital, but any predatory ones ripping off those communities will face heat and accountability. This comes right after plans to slash the CDFI fund by over $200 million next fiscal year, shifting cash to rural lending instead, since Besen called out waste, fraud and a partisan drift in the program. Lawmakers push back, stressing how CDFIs keep small-town daycares alive, support rural shops and boost housing on reservations. Meanwhile, the Small Business Administration handed over 562,000 suspect pandemic loans worth

1:00more than $22 billion dollars for collection. Treasury promises to act on whatever the review uncovers, keeping the focus on real mission work without the scams. National News, powered by AI, this is U.S. News Today.