Trump administration move to end CDFI fund threatens tribal economies
The Trump administration has issued a reduction-in-force notice to eliminate the Community Development Financial Institutions Fund, a Treasury program that supports lending in economically distressed areas, according to ICT.
The Oct. 10 notice from the Office of Management and Budget stated the fund no longer aligns with President Donald Trump’s priorities, the staff would be let go and the fund would be terminated in the midst of an ongoing government shutdown. Native financial leaders said the move would severely impact tribal economies, where CDFIs are often the only source of business and housing loans.
“Without CDFIs, there would be literally no form of funding available to start a small business, purchase homes, and provide technical assistance in rural communities,” Pete Upton, chief executive officer of the Native CDFI Network and Native360 Loan Fund, was quoted as saying.
- 1.ICT.
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