Lawmakers rally support for CDFI Fund

Sen. Mark Crapo, R-Idaho, and Rep. Young Kim, R-Calif., are leading an effort to tout the importance of the Treasury Department’s Community Development Financial Institutions (CDFI) Fund in a bicameral message to Treasury Secretary Scott Bessent and Office of Management and Budget (OMB) Director Russell Vought. America’s Credit Unions, leagues, and Inclusiv have joined their efforts to lead the credit union industry to garner additional support by urging lawmakers to sign on to the letter.  

The letter stresses the importance of CDFIs to economic development in rural and underserved communities, asking the administration to carry out the statutory obligations of the CDFI Fund.  

This is part of a coordinated effort to reverse the impact of the recent reduction in force (RIF) of the CDFI staff, led by America’s Credit Unions, leagues, and Inclusiv. Following last week’s announcement of the RIF, America’s Credit Unions sent letters outlining the potential negative impact on the communities it serves if the CDFI Fund is terminated.  

Crapo stated he is “discouraged to see the actions taken to [RIF] the employees, and I’m hopeful that we can get that turned around,” as reported in Politico. Sens. Sen. Mark Warner, D-Va., and Mike Rounds, R-S.D., have also been vocal in their support for the fund. Crap and Warner co-chair the Senate Community Development Finance Caucus.  

Together with leagues and Inclusiv, America's Credit Unions remains focused on its ongoing efforts to drive continued emphasis of the CDFI Fund's positive impact.