WASHINGTON–With last Friday, March 21, marking the deadline for the Treasury Department to provide the White House for its proposal to scale back the CDFI Fund “to the maximum extent of the law,” credit unions were looking to find some comfort in a statement issued by the White House.

According to CU Strategic Planning, the White House Office of Intergovernmental Affairs within the Office of the President said in a statement the Native CDFI Network—which is also on the chopping block- that affirmed the U.S. Department of Treasury’s continuing support of the CDFI Fund in the wake of the March 14 executive order by President Trump. 

“The CDFI Fund programs and related activities are statutorily authorized,” the statement said. “The CDFI Fund is operating as normal and does not anticipate any disruptions to the programs. Senior leadership at Treasury has consistently expressed support for CDFIs.”

Statement from Treasury Secretary

Treasury Secretary Scott Bessent has also provided a statement earlier to the Defense Credit Union Council (DCUC), that, “This Administration recognizes the important role that the CDFI Fund and CDFIs play in expanding access to capital and providing technical assistance to communities across the United States. CDFIs are a key component of President Trump’s commitment to supporting Main Street America in the pursuit of job growth, wealth creation, and prosperity…”

Approximately 495 U.S. CUs are CDFIs, and $324 million had already been allocated for the program at the time the executive order was issued.