WASHINGTON—Treasury is stating that the Community Development Financial Institutions (CDFI) Fund is operating “as normal,” that all 11 CDFI programs are statutory, and it does not anticipate any disruptions to the program.
As CUToday.info reported, President Trump this month signed an executive order that aims to eliminate seven federal agencies—including the CDFI Fund.
In the wake of that order, Treasury, according to the White House, stated: “The CDFI Fund programs and related activities are statutorily authorized. The CDFI Fund is operating as normal and does not anticipate any disruptions to the programs. Senior leadership at Treasury has consistently expressed support for CDFIs.”
The Defense Credit Union Council, which recently blanketed Capitol Hill with an email message urging bipartisan support for the Community Development Financial Institutions (CDFI) program, stated it is pleased with Treasury’s latest statement.
"DCUC is pleased with the Treasury’s statement of support for CDFIs and thanks Secretary Bessent for his leadership on this issue,” said DCUC President and CEO Anthony Hernandez. “DCUC will work with Treasury officials to ensure America's CDFIs will continue to help build military and veteran communities for a brighter economic future."
DCUC also recently sent a letter to Treasury Secretary Scott Bessent, outlining the critical role the CDFI fund plays. Bessent responded to DCUC’s letter, stating: "This Administration recognizes the important role that the CDFI Fund and CDFIs play in expanding access to capital and providing technical assistance to communities across the United States.”
America’s Credit Unions also recently sent a letter to Bessent on the CDFI Fund.
“America’s Credit Unions is pleased Treasury confirmed to OMB that all 11 CDFI programs are statutory and listened to our feedback on how important the programs are to communities across America” said Jim Nussle, America’s Credit Unions president/CEO. “With over 500 CDFI certified credit unions, it reflects the industry’s mission of providing safe and secure financial services so millions of people can achieve financial well-being. America’s Credit Unions is not letting the foot off the gas and will continue to engage with the White House, Treasury, and other stakeholders so that families can reach their American Dream in a prosperous economy.”
As CUToday.info also reported, Republican members of the House have been pushing back against President Donald Trump’s executive order to eliminate the CDFI Fund.