CDFI Fund Protected: A Victory for Credit Unions and their Communities

It’s been an active and important week following last Friday’s Executive Order from the Trump White House, which targeted eliminating non-statutory government functions, including the Community Development Financial Institutions (CDFI) Fund. With the support of data and stories from our CDFI credit unions, The League quickly secured bipartisan backing for this vital resource, which plays a key role in strengthening communities across the country.

The White House Office of Intergovernmental Affairs issued this statement:

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

Testifying before the House Financial Services Committee, Director of the Alabama Securities Commissioner Amanda Senn, armed with credit union talking points, shared impactful data on how CDFI credit unions support and uplift rural and underserved communities. We thank Commissioner Senn for her robust support of credit unions in Alabama and throughout the U.S.

We also appreciate our member credit unions for sharing impactful data and real-life examples of the life-changing support made possible through the CDFI Fund. These efforts led to a bipartisan letter to the Treasury signed by several Senators, including Senator Raphael Warnock (Georgia) and Senator Mark Warner (Virginia). We also received support from Treasury Secretary Scott Bessent, responses from CDFI Caucus Co-Chairs Senator Mark Warner and Senator Mike Crapo, and ultimately, backing from the White House.

CDFI Credit Union Impact Across The League’s Footprint:

• Alabama: 10 CDFI credit unions serving over 300,000 members, supporting $2.9 billion in loans, $3.7 billion in deposits, and nearly $18 million in financial benefits.

• Florida: 29 CDFI credit unions serving 3.87 million members, delivering over $631 million in member benefits, supporting $41.6 billion in loans, and $47.6 billion in deposits.

• Georgia: Six CDFI credit unions serving 152,000 members, with $1.15 billion in loans, $1.53 billion in deposits, and $33.5 million in benefits.

• Virginia: Seven CDFI credit unions serving nearly 400,000 members, with $4.8 billion in loans, $5.6 billion in deposits, and nearly $99 million in financial benefits.

In our letter, The League also advocated for streamlining the application process in line with the Administration’s goal of increasing government efficiencies. As the White House works to reduce unnecessary staff and functions, we will continue advocating for improvements that support the CDFI Fund.

The League is committed to advocating for our members, and we appreciate your continued involvement in advancing the credit union industry.