America's Credit Unions, leagues, and credit unions continue to engage with the Treasury Department to get clarification on the legality of Community Development Financial Institutions (CDFI) Fund programs. President Donald Trump issued an Executive Order (EO) on March 14, which limited the CDFI Fund to its statutory functions. The EO required Treasury to respond by March 21 with its recommendations on which programs were statutorily authorized.  

While Treasury or the CDFI Fund have yet to release any details of their recommendations publicly, some within the CDFI space received a message from Treasury indicating that the fund's programs "are statutorily authorized." 

America’s Credit Unions and league partners sent a letter to the Treasury Department asking for clarification on the EO. Last week, Bessent noted “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.”

America's Credit Unions continues to seek more details as to what Treasury recommended to OMB and will work with others in the industry to ensure these programs that support economic prosperity across the country continue uninterrupted.