WASHINGTON–Several representatives from America’s Credit Unions met on Monday with the deputy secretary of the Treasury and other Treasury officials to make their pitch for money to be restored to the CDFI Fund.
As the CU Daily has reported, the Trump Administration’s proposed budget axes nearly all money for the CDFI Fund. More than 400 credit unions are CDFIs and many regulatory apply for and receive grants from the fund.
According to America’s Credit Unions President and CEO Jim Nussle, Michael Faulkender, who previously oversaw the Paycheck Protection Program (PPP), told credit union representatives his time with the PPP made him aware of the “power of credit unions” to reach out to small business, underserved communities and rural areas, which is what the CDFI program is also designed to do.
‘Very Confident’
“I feel very confident coming out of that meeting the Treasury will continue to be an ally in this regard,” said Nussle during a call with the media that immediately followed the Treasury meetings. “Of course, they, like everyone else, want to make sure it’s administered properly and we’ll look for opportunities to reform and streamline. But I think we’re in better shape as a result of our meeting than when we went in.”
The Influence of Treasury
Asked by The CU Daily just how much weight Treasury’s position will carry with the White House and Congress—the latter of which allocates the money for the CDFI Fund—Nussle said he believes the department will be influential.
“I would be speculating at best, but based on experience having sat at the table with Treasury officials throughout my career and then and having to go toe to toe with them (while director of the Office of Management & Budget), they’re very effective. I think they’re very central to the policy discussion, the principal discussion, meaning the principal leaders and the White House, including the president.”
Nussle said Treasury will not be the only voice, but he said it does carry weight.
“I believe Treasury has the benefit of credibility at that table as well as the breadth and reach of the Treasury portfolio across a number of different issues,” Nussle added. “I can tell both reading and just listening to the deputy secretary (Michael Faulkender) today they’ve been a partner in this, meaning in the effort to reduce the waste, fraud and abuse in government, and I think they’re in a very unique position.”