"As we gear up for the 2025 Federal Reserve CDFI Survey, this post paints a picture of the current state of CDFIs and seeks to understand why the industry may look different than it did in 2023, our last survey year. There are several key takeaways:

• The number of CDFIs certified by the CDFI Fund has grown significantly over the last 15 years but decreased slightly since the last iteration of the CDFI Survey in 2023.
• Loan funds and credit unions make up the majority of certified CDFIs, both nationally and within the Fifth District.
• The types of financial institutions that are CDFI-certified has shifted significantly over time, especially as it relates to credit unions, which have doubled in the Fifth District and more than doubled nationally.
• Past survey results illustrate how differences in the business structures of CDFI credit unions and loan funds influence changes in demand and challenges in meeting demand."