WASHINGTON--The U.S. Department of the Treasury has named Dietrich Douglas acting director of the Community Development Financial Institutions Fund (CDFI Fund), Treasury announced.
Douglas follows Pravina Raghavan, who resigned as the director of the CDFI Fund in late June.
Douglas currently serves as legal counsel for the CDFI Fund.
“With the best interest of the CDFI Fund, the community development finance sector, and the communities we serve in mind, I am looking forward to leading the very dedicated staff of the CDFI Fund during this transition,” said Douglas.
Douglas has served as the CDFI Fund's legal counsel since January 2023. In that role he functioned as lead counsel on all legal matters related to the CDFI Fund's policies, programs, and administration. Prior to being named legal counsel in 2023, Douglas served as branch chief within the U.S. Department of Health and Human Services’ Medicare Operations Division where he supervised a team of attorneys handling claim appeals. Before this, he was program counsel with the Legal Services Corporation and performed grant oversight and provided program guidance to federally funded legal-aid organizations that serve low-income individuals.
“We thank Director Raghavan for her dedicated public service and leadership of the CDFI Fund. Since joining the team, Dietrich has demonstrated strong leadership, sound judgment, and a clear commitment to advancing the CDFI Fund’s work. As we look to strengthen the CDFI Fund’s impact, his leadership will help ensure programs are executed efficiently, taxpayer resources are used responsibly, and communities have the tools they need to drive economic growth. I’m confident his leadership will serve the team and its stakeholders well during this transition,” said Alex Smith, deputy assistant secretary for Community and Economic Development.
ACU Letter
America's Credit Unions Monday sent a letter to the Committee on Appropriations that addresses its CDFI Fund position.
“The CDFI Fund has consistently demonstrated its capacity to serve as a catalyst for private sector investment, with every dollar of public funding leveraged to unlock at least eight dollars in private capital. This return on investment is even more impressive with credit union CDFIs, with each dollar awarded resulting in a return of twelve dollars in community lending,” the letter notes.
DCUC Letter
The Defense Credit Union Council Sunday sent a letter to the Committee on Appropriations.
Calling the CDFI Fund "a Lifeline for Military and Underserved Communities," DCUC in its letter stated, "The CDFI Fund is a crucial resource that empowers mission-driven credit unions to provide affordable financial services in economically distressed communities. As of early 2025, nearly 500 credit unions are CDFI-certified nationwide, serving over 19 million residents – many in low-income areas surrounding military bases. A large proportion of junior enlisted servicemembers meet the CDFI Fund’s 'Low-Income Targeted Population' criteria and rely on CDFI-designated credit unions for accessible small-dollar loans, financial education, and community development services. For decades, CDFI grants have enabled credit unions to open branches in banking deserts, provide emergency relief loans to military families, and invest in local economic growth. In many cases, CDFI credit unions have brought hope and financial access to communities abandoned by larger banks. This program has truly been a lifeline that helped defense-focused credit unions expand services and reach underserved military populations across the country."
DCUC Chief Advocacy Officer Jason Stverak said the trade group looks forward to working with the CDFI director as well as the entire administration "to show the importance of the CDFI program to millions of Americans and will continue to urge for full funding for the program."