If you have access to the ColdFusion admin then you should be able to check on this option yourself. Within the ColdFusion admin area is the security settings. In here click on the RDS password option. This is where you enable RDS password access and set the password. If you do not have access to this area of the admin panel then you may need to contact your hosting provider or admin to configure this for you, or check the details like the password.
If you do not have a local ColdFusion server setup this may be a good way to go to do local development. So long as the datasource is named the same and the same as the live server the pages should work the same when you publish them.