WASHINGTON—America’s Credit Unions said it is having continuing discussions with the Office of Management and Budget on what the Community Development Financial Institution (CDFI) will look like.
As CUToday.info reported, the White House has sent Congress detailed information on its Fiscal Year 2026 budget—and it includes calling for the elimination of all existing Community Development Financial Institution (CDFI) program funding.
Earlier in the year, the White House sent Congress a "skinny budget" that had top-line spending numbers but lacked many of the details needed to craft spending bills.
America's Credit Unions and the Defense Credit Union Council have strongly opposed eliminating funding for the CDFI Fund and each have written to the Treasury Department—which oversees the CDFI Fund.
“There are various programs within the CDFI fund,” reminded ACU Chief Advocacy Officer Carrie Hunt. “For instance, there's a financial assistance program, the small-dollar loan program, a program for native American Hawaiians, a rural financial assistance program, a healthy food initiative…”
Hunt said the detailed information sent to Congress flags that those programs all get folded into the rural financial assistance program.
“So, as opposed to having all these various buckets, it all goes in into one,” she explained. “So, we will be having continued conversations with OMB (Office of Management and Budget)as to what potentially the evolution of the CDFI fund could look like—irrespective of whether the specific budget passes or not.”
ACU President and CEO Jim Nussle noted that while the White House budget over the years may be viewed as a suggestion, he believes that this year it carries a great deal of weight with Donald Trump’s backing.
“It does carry more weight and we're taking that very seriously,” said Nussle.
The Defense Credit Union Council stressed the proposed elimination of the CDFI Fund in the FY2026 White House budget is a direct threat to the financial well-being of millions of Americans, especially military families, veterans, and underserved communities.
"The CDFI Fund is not a handout—it is a strategic investment in national economic stability and financial stability," said DCUC Chief Advocacy Officer Jason Stverak.