Treasury Announces CDFI Fund Awards
By CU Today Staff —
WASHINGTON—The U.S. Treasury Department’s Community Development Financial Institutions Fund has announced its latest round of awards aimed at expanding access to affordable financial services and credit in underserved communities nationwide.
The awards, made through the fiscal 2025 Community Development Financial Institutions and Native American CDFI Assistance programs and the fiscal 2026 Bank Enterprise Award and Small Dollar Loan programs, will support small-business and consumer lending, affordable financial services and community development investments.
“Today’s awards reflect Treasury’s commitment to ensuring responsible stewardship of taxpayer dollars and advancing economic opportunity in communities that need it most,” said Treasury Secretary Scott Bessent. “Treasury will maintain oversight of these awards to ensure they spur investment in low-income and distressed communities, support local economic growth, expand opportunity, and deliver lasting results for the American people.”
“The CDFI Fund’s programs are designed to support economic growth and prosperity for Main Street America,” said CDFI Fund Director Chris Miller. “The awards announced today will help small businesses expand and create jobs, help workers build credit and save for the future, and help more families achieve the American dream.”
"We appreciate Treasury Secretary Bessent and CDFI Fund Director Chris Miller awarding the remaining FY 2025 and a portion of FY 2026 funding ahead of the September 30 deadline," stated America's Credit Unions President/CEO Scott Simpson. "America’s Credit Unions urged Treasury to act on this issue so that credit unions can serve their local communities, helping their members with small business financing, home loans, and affordable consumer credit in low-income, rural, and underserved neighborhoods. Releasing these funds gives our institutions the certainty they need to keep capital flowing to families and local businesses that have been left behind by banks."
The Defense Credit Union Council said it welcomes Treasury’s announcement.
"These resources help credit unions expand affordable lending and financial services in underserved communities, including those serving servicemembers, veterans, and military families. This is about giving families access to emergency credit, helping entrepreneurs build businesses, and providing alternatives to high-cost debt," said DCUC Chief Advocacy Officer Jason Stverak.”
Stverak said the next step must be timely delivery of the funds, with clear award terms and practical compliance expectations.
"Protecting taxpayer dollars and ensuring credit unions can put those dollars to work should go hand in hand. Accountability should strengthen the program, not create duplicative hurdles that divert resources from serving members," he said. "Congress and Treasury should build on this announcement with sustained funding and a predictable process. DCUC will continue making the case that investment in financial readiness is an investment in military readiness.”
Originally reported by CU Today.