Section 104(d) of the Community Development Banking and Financial Institutions Act of 1994 established the Community Development Advisory Board to advise the Director of the Fund on policies regarding the activities of the CDFI Fund. The Advisory Board is to meet at least annually.
The Advisory Board shall consist of 15 members, including the Secretary of the Departments of Agriculture, Commerce, Housing and Urban Development, Interior and Treasury and the Administrator of the Small Business Administration, or his or her designee; and nine private citizens appointed by the President, who shall be selected, to the maximum extent practicable, to provide for national geographic representation and racial, ethnic, and gender diversity, including: two individuals who are officers of existing community development financial institutions; two individuals who are officers of insured depository institutions; two individuals who are officers of national consumer or public interest organizations; two individuals who have expertise in community development; and one individual who has personal experience and specialized expertise in the unique lending and community development issues confronted by Indian tribes on Indian reservations.
The Chair of the Advisory Board is elected by the nine private citizens.