U.S. Senator Chris Van Hollen (MD) was among 23 senators who signed a letter to the Trump Administration expressing bipartisan support for the Community Development Financial Institutions (CDFI) Fund and emphasizing its vital role in providing capital to underserved communities.

The letter was in response to an Executive Order issued earlier this month limiting the CDFI Fund to its minimum statutory functions. The credit union system is seeking clarification on the order.

Of the more than 1,400 CDFIs nationwide, nearly 500 are credit unions serving 19 million people. These institutions play a crucial role in supporting local communities by ensuring that essential financing reaches those who need it most.

The CDFI Fund fosters economic growth in underserved areas that lack traditional access to capital, creating a public-private partnership to expand financial opportunities.

According to the letter, the CDFI Fund delivers over $300 billion in financial services annually to urban and rural communities across every state, provides affordable growth capital to more than 100,000 small businesses, and finances over $100 billion in residential real estate, helping to lower housing costs through new construction and affordable home mortgages.

A copy of letter is available here