DCUC Writes to Treasury Urging the Reinstatement of the CDFI Fund

On Monday, October 13, the Defense Credit Union Council (DCUC) sent a letter to U.S. Treasury Secretary Scott Bessent expressing concern over reports that the Department’s recent reduction-in-force eliminated the entire staff of the Community Development Financial Institutions (CDFI) Fund.

​“For more than 30 years, the CDFI Fund has helped mission-driven lenders expand access to affordable financial services in low-income, rural, and military communities,” DCUC President/CEO Anthony Hernandez wrote. “Eliminating this program would directly harm working families, servicemembers, and veterans who rely on CDFI credit unions for their financial well-being.”
 
DCUC highlighted the Fund’s proven impact, noting that in FY2024 alone, CDFI awardees financed over 109,000 small businesses, supported 45,000 affordable housing units, and delivered more than $24 billion in loans and investments to underserved areas. Every federal dollar invested leverages about $8 in private capital, making the program both effective and efficient.
 
DCUC stressed that shuttering the Fund would have “immediate and severe consequences,” including reduced access to safe financial services and a rise in predatory lending—particularly affecting military families, 80% of whom report financial stress.
 
“Financial readiness is mission readiness,” Hernandez said. “Reinstating the CDFI Fund team is critical to preserving the financial stability of military families and ensuring continued progress in economic inclusion.”
 
DCUC reaffirmed its commitment to working with Treasury and Congress to protect and strengthen the CDFI Fund: “By restoring its capacity, we can continue uplifting underserved communities and supporting the brave servicemembers who protect our nation.”