The Treasury Department's reduction-in-force plans eliminate all CDFI Fund staff.

Jim Nussle

The Trump Administration announced today that permanent reduction-in-force (RIF) plans are being implemented, and reports indicate that the Treasury Department's plan eliminates all staff of the Community Development Financial Institutions (CDFI) Fund. 

“We have seen reports that the Treasury RIF has eliminated all CDFI Fund staff. After a win in the Senate-passed NDAA, cutting this staff would effectively cease the operations of the fund and significantly impact CDFI credit unions and communities across the country. We urge Congress to swiftly come to an agreement on funding, and will monitor the RIF impact on credit unions and their members,” said Jim Nussle, America’s Credit Unions President/CEO.

"The consequences of the shutdown are ramping up. As they have demonstrated since before the shutdown began, credit unions across the country are working however they can to support their members through this hard time. We will continue to provide insights and resources to credit unions to help them effectively support their members, and we encourage federal workers and those impacted to reach out to their local credit unions to see what kind of support may be available."

While details are limited, America's Credit Unions will continue to monitor and highlight the importance of the CDFI Fund in strengthening their communities. Credit unions make up the largest group of certified CDFIs with 444 of 1,375 as of August 12. Safety and soundness are key considerations for credit unions as they make lending decisions to strengthen their members and communities.

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