Administration rescinds CDFI Fund reductions in force

The shutdown-related reductions in force for the Treasury’s Community Development Financial Institutions (CDFI) Fund were rescinded Monday. America’s Credit Unions, leagues, and Inclusiv engaged with Congress, Treasury, and the administration throughout the shutdown to highlight the impact of the CDFI Fund, and that every dollar granted to a credit union through the program generates $12 in private investment.

These efforts resulted in 103 Republican members of Congress reaffirming the value of the fund in a letter sent to the administration.

“On behalf of the nearly 500 CDFI-certified credit unions and their members, America's Credit Unions thanks the administration for acknowledging the importance of the CDFI Fund and continuing its workforce. We are grateful to the congressional leaders who championed the fund and fought alongside us to protect it,” said Scott Simpson, America's Credit Unions president/CEO. “Our unified advocacy made clear that communities across the country rely on CDFIs to spur business investment, innovation, affordable housing developments, and more. These credit unions are essential to the financial resiliency and vibrancy of our country, and we look forward to continuing to work with the administration to strengthen the effectiveness of the fund.”
  
America’s Credit Unions also published an op-ed in The Hill with several prominent examples of how CDFIs are maximizing federal grant dollars, and highlighted several other CDFIs in recent blog posts.