STATEMENT from America's Credit Unions on Secretary Bessent's Clarification on the CDFI Fund

Jim Nussle

Treasury Secretary Scott Bessent shared a written statement today on the CDFI Fund. If you are covering the secretary's comments, please consider the below statement from America's Credit Unions President/CEO Jim Nussle:

"We thank Secretary Bessent for emphasizing that CDFI Fund programs are statutory programs and stressing the importance of the CDFI Fund to the success of Main Street America. Nearly 500 credit unions are designated as a CDFIs and are critical institutions in boosting local economies and securing the American Dream for their members. America’s Credit Unions has remained committed to educating and providing support to ensure the credit union difference is shared with the Trump Administration, Treasury Department, and other key stakeholders so the millions of Americans served by CDFI credit unions can reach their goals and live their best lives."
-- Jim Nussle, America's Credit Unions President/CEO

Read America's Credit Unions Letter to Secretary Bessent
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• Over the past two years, the number of CDFI-certified credit unions has grown by 50%, reaching nearly 500 institutions that now serve over 19 million people through more than 2,800 branches nationwide.
• On a national scale, America’s 1,432 CDFIs operate in every state and territory, supporting a diverse range of small business owners and catalyzing private investment that creates or retains over one million jobs annually.
• The CDFI Fund has demonstrated robust financial management by overseeing $304 billion in loans that have supported more than 4.3 million businesses, enabled nearly one million families to access safe, stable, and affordable housing, and facilitated the development of over 5,000 community centers, including those dedicated to childcare, healthcare, and education, all while maintaining a remarkably low default rate of 0.36% in 2023 that underscores its sound financial practices and effective risk management.
• During economic transitions, such as the 2020 downturn, the Fund's role becomes even more critical as CDFIs acted as financial first responders, preserving jobs, keeping businesses afloat, and stabilizing communities in times of vulnerability, thus serving not only as a catalyst for economic growth during stable periods but also as a strategic reserve that enhances national resilience and contributes to America’s long-term security and prosperity.

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