The third-largest U.S. metropolis is entrusting $20 million to Illinois Service Federal Savings & Loan Association, the city’s treasurer, Kurt Summers, announced Monday.
A report quietly released by the Treasury Department says there is “clear evidence” that a program President Trump wants to cut helps recipients provide financial services to the most underserved communities.
Despite an effort by the Trump administration to defund government aid for community development financial institutions, the Senate approved a budget deal that included $258 million in funding for the CDFI fund.
At a minimum, federal lawmakers should fully fund the Community Development Financial Institutions Fund and support the CDFIs that provide economic opportunity where it is needed most.
A Trump administration budget proposal to end federal funding for community development financial institutions would push small businesses to high-risk, high-cost lenders.
Comptroller of the Currency Thomas Curry on Wednesday expressed support for community development financial institutions, even as the Trump administration is seeking to cut all government funding for them.
The Trump administration is seeking to immediately shut down the Treasury Department’s grant programs for community development financial institutions.
