Sunday morning, the Defense Credit Union Council (DCUC) sent a letter to U.S. Treasury Secretary Scott Bessent expressing concern over President Trump’s recent executive order calling for the elimination of the Community Development Financial Institutions (CDFI) Fund.
This evening, DCUC received an official response from Secretary Bessent:
“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.”
“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.”
DCUC will continue to monitor developments and engage with Treasury and other policymakers to advocate for the interests of credit unions.