Affordable housing cuts, CFPB funding: Takeaways from Trump budget
WASHINGTON — The Trump administration wants to eliminate several affordable housing programs and force some independent agencies to seek congressional funding, yet is also seeking to increase the funding for a division of the Treasury Department tasked with combating financial crimes.
As part of the president's proposed 2021 budget released Monday, the government-sponsored enterprises would suspend their funding of the Housing Trust Fund and the Capital Magnet Fund, and the community development block grant program would be eliminated.
The budget, which is more of a policy document than an accurate picture of funding levels, would also subject the Office of Financial Research, the Financial Stability Oversight Council and the Consumer Financial Protection Bureau to the appropriations process, which the Trump administration has pushed for in previous budget requests.
Funding for community development financial institutions would also be reduced as the administration is increasingly looking for state and local governments to take on more responsibility for housing affordability.
Here are the key financial services takeaways from the budget: