WASHINGTON, DC (October 10, 2025) |
The Defense Credit Union Council (DCUC) commends the Senate for including key Community Development Financial Institution (CDFI) provisions in the Fiscal Year 2026 National Defense Authorization Act (NDAA).
In August, DCUC expressed its strong support for these measures in a letter to the Senate, emphasizing the importance of strengthening the CDFI Fund to expand access to affordable financial services in military and underserved communities.
Senator Steve Daines (R-MT) reintroduced his CDFI Fund Transparency Act with Senators Mark Warner (D-VA), Mike Crapo (R-ID), and Raphael Warnock (D-GA) as original cosponsors. In addition to the CDFI Fund Transparency Act, the Daines/Warner NDAA amendment includes three other critical bipartisan CDFI priorities:
- Scaling Community Lenders Act (Warner/Crapo)
- CDFI Bond Guarantee Improvement Act (Smith/Rounds)
- Native CDFI Relending Program Expansion – Section 301 of the Rural Housing Service Reform Act of 2025 (Smith/Rounds)
The amendment, which has been cleared by both Chairman Scott and Ranking Member Warren of the Senate Banking Committee, is endorsed by a broad coalition including America’s Credit Unions, CDFI Coalition, Community Development Bankers Association, MoFi, Independent Community Bankers of America, Partners for the Common Good, Capital One, the New Markets Tax Credit Coalition, and DCUC.
“DCUC strongly supports this bipartisan effort to reinforce the CDFI Fund,” said Anthony Hernandez, DCUC President/CEO. “Credit unions are often the only financial lifeline in underserved communities, including military bases, rural towns, and inner-city neighborhoods.
Strengthening the CDFI Fund ensures these institutions can continue to serve families, small businesses, and servicemembers who are too often overlooked by larger banks.”
For over three decades, CDFIs—nearly 500 of them credit unions—have provided affordable loans, financial education, and economic development in low-income areas, many near military bases. In FY2024 alone, CDFI awardees financed over 109,000 small businesses and supported more than 45,000 affordable housing units, leveraging $8 in private capital for every $1 in federal funds.
“Credit unions deliver enormous value to their members and communities,” Jason Stverak, DCUC Chief Advocacy Officer, added. “Bipartisan support for the CDFI Fund proves just how vital they are to our nation’s financial health and security.”
Today, more than 2,500 credit unions hold a federal low-income designation, serving 73 million members of modest means—including millions of servicemembers and veterans.
DCUC applauds the Senate’s leadership and inclusion of the CDFI provisions in the FY2026 NDAA to safeguard financial readiness for military families and strengthen economic opportunity in underserved communities nationwide.