The White House, Washington, D.C. The White House, Washington, D.C. (Source: Shutterstock)

President Joe Biden released his budget proposal for 2023 on Monday that included an increase in funding support for the Community Development Financial Institutions (CDFI) Fund, the Financial Crimes Enforcement Network (FinCEN) and a flagship small business lending program.

Inside President Biden’s $5.8 trillion proposed budget, the administration requested $331 million for CDFI efforts, an increase of 23% from the $295 million passed in the previous budget. While the U.S. Department of Treasury oversees and administers the CDFI Fund to assist credit unions to provide financial services to low-income communities, the NCUA administers the Community Development Revolving Loan Fund.

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Michael Ogden

Editor-in-Chief for CU Times.

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