WASHINGTON—President Biden’s budget request for fiscal year 2025 includes $325 million for the Treasury’s Community Development Financial Institutions (CDFI) Fund, an increase of $1 million from the 2023 level.
Credit unions represent 516 of the 1,460 certified CDFIs nationwide—the largest proportion by financial institution type, according to America’s Credit Unions.
Certified CDFIs can apply for awards and grants through the CDFI Fund, which offers technical and financial assistance awards and grants designed to expand financial access for underserved communities.
Funds for NCUA
The budget also requests $4 million for NCUA’s Community Development Revolving Loan Fund—which funds a revolving loan program and a technical assistance program—and $216 million to fund the Treasury’s Financial Crimes Enforcement Network, ACU noted.
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