WASHINGTON–The Trump administration has announced that as part of the permanent reduction-in-force (RIF) plans it is initiating as the federal government shutdown is continuing that the Treasury Department plans to eliminate all staff of the Community Development Financial Institutions (CDFI) Fund.
A spokesman for the White House Office of Management and Budget (OMB) confirmed for several media outlets that the cuts had started and are going to be “substantial.”
“The RIFs have begun,” OMB Director Russell Vought announced in a post on X.
“We have seen reports that the Treasury RIF has eliminated all CDFI Fund staff,” America’s Credit Unions’ President and CEO Jim Nussle said in a statement. “After a win in the Senate-passed NDAA, cutting this staff would effectively cease the operations of the fund and significantly impact CDFI credit unions and communities across the country. We urge Congress to swiftly come to an agreement on funding, and will monitor the RIF impact on credit unions and their members.
‘Consequences are Ramping Up’
“The consequences of the shutdown are ramping up. As they have demonstrated since before the shutdown began, credit unions across the country are working however they can to support their members through this hard time,” Nussle continued. “We will continue to provide insights and resources to credit unions to help them effectively support their members, and we encourage federal workers and those impacted to reach out to their local credit unions to see what kind of support may be available.”
As the CU Daily has reported, credit unions make up the largest group of certified CDFIs with 444 of 1,375 as of August 12.
As reported here,
