WASHINGTON--Friday, Scott Simpson, president and CEO of America’s Credit Unions, met with Alexandria Smith, deputy assistant secretary for community and economic development at Treasury, to discuss credit union priorities related to the Community Development Financial Institutions (CDFI) Fund.
During the meeting, Simpson emphasized the importance of maintaining a fully operational and predictable CDFI Fund to ensure certified CDFIs can continue deploying affordable credit and financial services in underserved communities. He highlighted concerns related to recent disruptions and procedural challenges that risk delaying certifications and awards.
“On behalf of the nearly 500 CDFI-certified credit unions and their members, we appreciate Treasury’s continued engagement on the CDFI Fund and its mission to expand opportunity in underserved communities. Credit unions leverage these resources every day to support small businesses, affordable housing, and local economic growth, and that impact depends on a fund that is stable and efficient,” said Simpson. “Today’s discussion was positive, and we look forward to continuing to work with the Administration to strengthen the effectiveness and predictability of the CDFI Fund so communities across the country can continue to thrive.”
America’s Credit Unions urged Treasury to consider targeted, practical improvements to the CDFI recertification process, including allowing minor technical corrections during application review, providing a temporary certification grace period for institutions in recertification, and updating the Low-Income Calculator to reflect current HUD income data.