Monthly Archives: March 2017

Why Wait for 2018?

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 […]

CDFI Support Rises

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 […]

Seriously? Yes! Literally? No.

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, […]

Community Development Bankers Respond to Trump

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 […]

Trump’s Budget Document

… is here..

Trump’s CDFI Fund Reasoning

The White House released its budget document this morning and it explains┬áthat 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 […]

Trump CDFI Fund Budget: $19 Million

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 […]

Raphael Bostic to Lead the Atlanta Fed

The Board of Directors of the Federal Reserve Bank of Atlanta has selected Raphael Bostic as its new President, succeeding Dennis Lockhart. Bostic, currently a department chair at the University of Southern California, has experience in the Federal Reserve System and as a senior housing policy official in Department of Housing and Urban Development in […]

HUD Cuts?

The ruckus over proposed┬árepeal of the Affordable Care Act (ACA), CIA leaks, and Russian relationships in and around the White House is turning attention other important developments on federal spending. The latest is a leaked internal Department of Housing and Urban Development (HUD) budget document that would cut $6 billion from the HUD budget, $3 […]

More Focus on the CDFI Fund

When the New York Times reported on President Trump’s budget plans last week, The CDFI Fund was the only program under the knife that got mentioned by name. Now TIME magazine has picked up the story and run with it. TIME reports that the Fund, … costs about $0.79 per American, a useful metric since […]