As we stated Monday, the CDFI Coalition continues to be concerned about the March 14th Executive Order (EO) regarding the CDFI Fund. However, there have been several important developments since the EO.
Sunday, March 16:
Senators Crapo (R-ID) and Warner (D-VA), co-chairs of the Senate Community Development Finance Caucus, released a statement in support of the CDFI Fund:
“When the CDFI Fund was developed 30 years ago, it was created in the form of a private-public partnership to promote access to capital in our most underserved urban and rural communities.
“Since 1994, the CDFI sector has grown to over 1400 institutions, located in every state and territory in the nation — and leveraging at least $8 in private sector investment for every $1 in public funding received.
“As co-chairs of the Community Development Finance Caucus, a group which has grown to 28 members, 14 Democrats and 14 Republicans, we are proud to reaffirm our bipartisan commitment to support the CDFI Fund’s mission.”
Monday, March 17:
SECRETARY BESSENT WEIGHS IN: Treasury Secretary Scott Bessent released a statement in support of the CDFI Fund and CDFIs:
“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. As required by President Trump’s March 14, 2025, Executive Order, the Treasury Department will provide a response to the Director of the OMB on this matter and looks forward to future engagement with CDFIs and other stakeholders to strengthen the impact of these statutory programs and incentivize economic opportunities for all Americans.”
Tuesday, March 18:
TRADE ASSOCIATION LETTERS: The CDFI Coalition, Community Development Bankers Association, Community Development Venture Capital Association, Inclusiv, the National Alliance of Latino Community Asset Builders, the National Alliance of Latino CDFI Executives, the National Association of Affordable Housing Lenders, the National NeighborWorks Association, the Native CDFI Network, the Opportunity Finance Network, and the Oweesta Corporation signed a joint letter to the Senate CDFI Caucus outlining the statutory basis for the CDFI Fund.
1-2025-03-16-EO-on-CDFI-Program-Statutory-Authority-CDFI-Trades-Letter-to-Senate-CDF-Caucus-FINALAn additional letter to the CDFI Caucus was sent by Depository Trade Associations, including: the American Bankers Association, America’s Credit Unions, the Community Development Bankers Association, Inclusiv, the Independent Community Bankers of America, the Mortgage Bankers Association, the National Association of Affordable Housing Lenders, and the National Bankers Association:
2025_3_18_Depository-Trades-Letter-to-Senate-CDFI-Caucus_0Write up in ABA Journal:
Other Letters and Statements:
- Defense Credit Union
- America’s Credit Unions
- National Community Reinvestment Coalition
- Inclusiv
- Independent Community Bankers Association
More Republicans weigh in and voice their support for the CDFI Fund:
Wednesday, March 19
Senators Warner and Crapo are collecting signatures on a bipartisan letter in support of the CDFI Fund. The letter is expected to close today. We will post it when it’s final.