Bruce F. Vento: “The demand for the program is very great if we looked at the 2 elements of it, the Bank Enterprise Program. The demand…”

“The demand for the program is very great if we looked at the 2 elements of it, the Bank Enterprise Program. The demand there has been very significant. On the CDFI, community development organizations have $300 million and requests were submitted. Thirty-five million was, in fact, committed after, in fact, the request, and of course on the other side some 31 community development organizations received that $35 million, and 38 banks under the Bank Enterprise Program received an allocation of $13.1. The demand for the program is clear. We think it is a program that has worked, and will succeed in the future, but too many of our colleagues will not give it a chance to demonstrate that. Grantees were limited in numbers. The very best applicants won grant, Treasury did request, of course, an Inspector General investigation that did not criticize the grant awarded. The IG report did counter allegations that a CDFI official selected and awarded grants that he formally worked with had a conflict of interest.”