"The American Fintech Council (AFC) respectfully requests that the administration reconsider the inclusion of the Community Development Financial Institutions Fund (CDFI Fund) within the Executive Order on Continuing the Reduction of the Federal Bureaucracy. While AFC recognizes that the CDFI Fund and its programs should pursue programmatic and statutory reforms to encourage further innovation and more efficient operations, we believe that the CDFI Fund and the CDFIs who operate within it are providing a crucial service to Americans across the country.

"CDFIs, including AFC members, have a long history of serving both rural and urban communities that have been excluded from the traditional financial services industry. CDFIs have had a transformative impact on these communities, providing billions of dollars to revitalize and develop impoverished areas through activities such as the New Market Tax Credit and Small Dollar Loan programs. In turn, these efforts have expanded access to credit and enabled robust, safe investments that ushered in strong returns for investors, economic growth for small businesses, and financial stability for consumers—cornerstones of President Trump’s economic vision.

"AFC recognizes the critical importance of these activities in ensuring a thriving economy and would like to see them grow further through the continued development of responsible innovations at CDFIs. We are committed to working with the administration to focus on opportunities to reform the CDFI Fund and its programs in a manner that would encourage responsible innovation at and more efficient operations across its programs."

‍