WASHINGTON—Treasury has responded to a letter sent to Scott Bessent over the weekend from the Defense Credit Union Council, stating the department recognizes the the important role the Community Development Financial Institutions Fund plays.
As CUToday.info reported, DCUC sent a letter to U.S. Treasury Secretary Scott Bessent expressing deep concern over President Trump’s recent executive order calling for the elimination of the CDFI Fund.
"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,” Bessent stated in his response to DCUC. “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."
“We want to thank the Honorable Scott Bessent for his prompt response to our letter and concerns following the recent Executive Order regarding the CDFI Fund,” said Anthony Hernandez, DCUC president/CEO. “DCUC looks forward to collaborating with Treasury and President Trump in supporting the CDFI program while also ensuring financial access for our nation’s military families and low-income communities.”
Hernandez credited the work of DCUC Chief Advocacy Officer Jason Stverak, DCUC Communications Specialist Haleigh Laverty, and Washington credit union advocate John McKechnie for their efforts over the weekend to connect with Bessent and other key members of Congress to address the CDFI Fund.