OFN strongly opposes the elimination of funding for the Department of Treasury’s Bank Enterprise Award (BEA) program and the Capital Magnet Fund (CMF) as proposed by the rescissions package released earlier this week by the Trump Administration. Today, OFN sent a letter expressing our position to the Chairs and Ranking Members of the Appropriations Committees and FSGG Subcommittees.

Next week, Congress is expected to consider the “Spending Cuts to Expired and Unnecessary Programs Act” (H.R.3). You can urge Congress to reject these cuts by contacting your Member of Congress today and asking them to vote against H.R. 3.

OFN is also on record opposing the CDFI Fund rescissions through a sign on letter organized by the CDFI Coalition earlier this week, and also one organized by CMF proponents and grantees.

OFN remains steadfast in our support of federal funding for CDFIs. We thank our members and supporters for participating in our advocacy calls to action and we especially appreciate the advocacy conducted by our Board of Directors this week in Washington, D.C.

We will continue to keep you posted. Stay tuned for more advocacy opportunities to come!


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