Backers of community-based financial institutions are raising concerns that an executive order from President Donald Trump targeting federal support for their operations would harm vulnerable customers, even if funding levels remain intact.
The Community Development Financial Institutions Fund was among seven small entities targeted by Trump’s March 14 order instructing them to eliminate “non-statutory functions” and “reduce the performance of their statutory functions and associated personnel to the minimum presence and function required by law.”
The CDFI Fund provides financial awards and technical assistance to accredited small banks, credit unions, venture capital funds, and other recipients to promote small business ...