Senators Urge White House to Release Community Lenders’ Funds

In a bipartisan effort, over two dozen US senators have urged the Trump administration to release the funds allocated for loans to individuals and businesses in underprivileged and rural communities. The senators argue that these community lenders, such as Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs), play a crucial role in providing access to capital and financial services to underserved populations. The funds, totaling hundreds of millions of dollars, were previously authorized by Congress but have not been distributed by the administration. The senators emphasize the importance of these loans in supporting economic development and recovery, particularly during the ongoing COVID-19 pandemic. The letter highlights the bipartisan support for ensuring these community lenders have the necessary resources to fulfill their mission and serve the communities that rely on their services.