Detailed White House FY26 budget would eliminate key credit union funds

The White House sent Congress detailed information on its Fiscal Year 2026 budget late Friday. Earlier in the year, the White House sent Congress a "skinny budget" that had top-line spending numbers but lacked many of the details needed to craft spending bills.  

The detailed information confirmed many of the concerns America's Credit Unions had with the earlier budget, including calling for the elimination of all existing Community Development Financial Institution (CDFI) program funding. America's Credit Unions has strongly opposed eliminating funding for the CDFI Fund and has written repeatedly to both the Treasury Department—which oversees the CDFI Fund—and the Office of Management and Budget, urging that the program be fully funded.

America’s Credit Unions will work with Congress to ensure that the CDFI Fund is fully funded in FY2026.

"The CDFI Fund is a critical resource for our nation's struggling communities. It is a successful public-private partnership, where every dollar given to a CDFI credit union from the Treasury Department creates $12 in investment in communities that need it the most. America's Credit Unions will work with Congress to continue funding this critical program," said America's Credit Unions Chief Advocacy Officer Carrie Hunt.

In other important programs, the budget calls for eliminating new technical assistance grant funding for NCUA’s Community Development Revolving Loan Fund (CDRLF), which America’s Credit Unions also opposes. The CDRLF is an important source of technical assistance grants for credit unions, and America’s Credit Unions will work to ensure that funding is also provided for this program.

Also of note, the detailed budget calls for reducing funding for Small Business Administration disaster relief loan programs. Given the increasing nature of natural disasters in recent years, America's Credit Unions believes that these disaster loan programs are critical to helping communities recover quickly from disaster.