WASHINGTON–Senators from both sides of the aisle have sent a letter to Office of Management and Budget Director Russ Vought asking for more information on the deployment of FY25 funds for the Community Development Financial Institution (CDFI) Fund. 

As the CU Daily has been reporting, Congress appropriated $324 million for the CDFI Fund in FY25 through the enacted Full-Year Continuing Appropriations and Extensions Act of 2025, but as Americas Credit Unions noted, “no awards have been made from the Fund yet this year.

The letter, from Senate CDFI Caucus co-chairs Mike Crapo (R-ID) and Mark Warne (D-VA),  follows a letter sent in June by America’s Credit Unions and other organizations both to Bessent and Senate leaders with concerns over delayed deployment of the funds. 

Five Months & Waiting

In their letter, the senators note the CDFI Fund has not yet announced or disbursed funds from the five programs under its umbrella, despite the application period having closed months ago. 

Other programs have yet to publish applications for the current fiscal years, added America’s Credit Unions. 

“It’s imperative that congressionally approved funds for the CDFI Fund are deployed strategically and in a timely manner,” the letter reads. “Delay in the obligation of funds hinders critical projects in our states and could constrain the flow of capital to businesses and consumers who need it the most…we request that your Office issue a spending plan to Congress outlining the timelines for the obligation of all discretionary funds. The plan should provide Congress and the CDFI community with certainty that there will be continuity in the programs that have been lawfully funded.”