ICBA Letter to Treasury Secretary Bessent on CDFIs

ICBA sent a letter to Treasury Secretary Scott Bessent regarding the White House’s March 14 executive order titled “Continuing the Reduction of the Federal Bureaucracy,” which directs Treasury to eliminate the non-statutory components of the Community Development Financial Institutions (CDFI) Fund. The EO further directs Treasury to submit a report to the director of the Office of Management and Budget explaining which components of the CDFI Fund are statutorily required.

ICBA said that while all community banks are the economic engines of thousands of towns and communities across this country, CDFI community banks are uniquely positioned to serve low- and moderate-income communities, especially in rural areas. Their proven track record is an important context for Treasury as it prepares its response to the White House’s EO, ICBA said.