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Legislators

Bipartisan Support for CDFI Fund Reaffirmed in Congressional Letter

Strategic Insights

— 1 min read

More than 100 Republican lawmakers have reaffirmed their support for the Treasury Department's Community Development Financial Institutions (CDFI) Fund, sending a clear message to Treasury Secretary Scott Bessent and Office of Management and Budget Director Russell Vought that the CDFI Fund is essential to supporting economic development in underserved communities. The letter, spearheaded by Senate Finance Committee Chairman Sen. Mike Crapo, R-Idaho, and Rep. Young Kim, R-Calif., urges the Administration to continue carrying out the statutory obligations of the CDFI Fund. Credit unions make up the largest group of certified CDFIs, with 444 out of 1,375 as of August 12.

Key Takeaways:

  • Over 100 Republican lawmakers signed a letter reaffirming the value of the CDFI Fund, led by Senate Finance Committee Chairman Sen. Mike Crapo, R-Idaho, and Rep. Young Kim, R-Calif.
  • The letter urges the Administration to continue carrying out the statutory obligations of the CDFI Fund, essential for ensuring private investments reach underserved communities.
  • Credit unions comprise the largest group of certified CDFIs, with 444 out of 1,375 as of August 12.
  • Eliminating the CDFI Fund would negatively impact the economy long-term, according to lawmakers, who highlighted its importance in supporting economic development in rural, tribal, and other underserved communities.
  • America's Credit Unions, led by President/CEO Jim Nussle, has been advocating for the CDFI Fund, sending over 20 letters to lawmakers and regulators, publishing over 45 news stories, and holding two key meetings with the Treasury Department.
  • The association will continue to advocate for the CDFI Fund, ensuring lawmakers understand that a prolonged disruption would undercut Main Street businesses, first-time homeowners, and low-income communities.

Statistics:

  • 444 certified CDFIs are credit unions, out of a total of 1,375 as of August 12.
  • Over 20 letters have been sent to lawmakers and regulators in support of the CDFI Fund in 2025.
  • Over 45 news stories have been published by America's Credit Unions regarding CDFIs and the CDFI Fund in 2025.
  • Two key meetings have been held with the Treasury Department in support of the CDFI Fund in 2025.

Sources:

  • Credit Union National Association (CUNA)
  • America's Credit Unions news
  • Senate Finance Committee
  • Office of Management and Budget (OMB)
  • Treasury Department
  • The Washington Examiner
  • U.S. Senate Committee on Banking, Housing, and Urban Affairs

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