Treasury meeting emphasizes importance of operational CDFI Fund

Advocacy efforts with the administration continued Friday with America’s Credit Unions President/CEO Scott Simpson and Head of Regulatory Advocacy James Akin meeting with Treasury Deputy Assistant Secretary for Community and Economic Development Alexandria Smith. In her role, Smith manages programs like the Community Development Financial Institution (CDFI) Fund and other community-focused policy areas.

Simpson emphasized the importance of maintaining a fully operational CDFI Fund to ensure certified CDFIs can continue deploying affordable 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 Department of Housing and Urban Development income data.

Simpson, Akin, and Senior Vice President of Advocacy Greg Mesack met with White House and Treasury officials the day before, following Simpson’s meetings with Senate Banking Committee and House Small Business Committee chairs in D.C. the prior week.