Monthly Archives: March 2017
President Donald Trump now reportedly is urging Congress to cut domestic funds in the current fiscal year (FY2017) rather than wait for next year, according to media reports. With the deadline for the current Continuing Resolution one month away, Congressional Republicans have said that it’s too late for 2017 cuts, but anything is possible in […]
CDFIs keep showing up in unexpected places. At a March 21st hearing of the House Financial Services Committee, Representative Keith Ellison (D-MN) unveiled a March 14th letter from all of the major bank trade associations opposing President Trump’s proposed cuts to The CDFI Fund. The American Bankers Association, the Independent Community Bankers of America, the […]
Soon after the November 2016 elections, a pundit said that President Trump’s supporters took him seriously but not literally. The mistake his opponents made was taking him literally but not seriously. If they were not taking him seriously before he released his fiscal 2018 budget yesterday, they are now. The all-out fiscal assault on elderly, […]
The Community Development Bankers Association (CDBA) calls President Trump’s proposal to eliminate the CDFI Fund “devastating,” in the words of Brian Argrett, Chairman of CDBA and President & CEO of City First Bank in Washington, DC. In a statement today, CDBA outlines how The Fund leverages private dollars to finance opportunities in under-served communities, including […]
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The White House released its budget document this morning and it explains that it is cutting grant programs at the Fund because the CDFI industry is “now mature”: Eliminates funding for Community Development Financial Institutions (CDFI) Fund grants, a savings of $210 million from the 2017 annualized CR level. The CDFI Fund was created more than […]
The first Trump Administration budget will propose to cut CDFI Fund appropriations to $19 million for fiscal 2018, which starts in October, according to reports from Washington, DC. That would be a reduction of more than 90% from current funding of $233.5 million. If approved by Congress, President Trump’s proposal would keep the CDFI Fund […]