Washington
Washington Weekly: CFPB’s Future and the Impact of CDFI Cuts on Credit Unions | PYMNTS.com
By the standards set previously in Q1, this Monday wasn’t as manic as most. In fact there’s an element of “business as usual” in this installment of the Washington Weekly as CFPB workers were called back to work. But the general atmosphere of business uncertainty continues to hang over the nation’s capital as well as the companies following the Trump administration’s continuing navigation of trade finance and domestic financial regulations.
The top story for Karen Webster and QED Investors partner Amias Gerety was the continuing drama around the Consumer Financial Protection Bureau (CFPB). As The New York Times (NYT) reported Saturday (March 15), last week, the watchdog’s consumer response team was summoned back to the office to deal with a backlog of 16,000 complaints. In addition, the report said, the CFPB’s Fair Lending Office is back to preparing its annual report to Congress. And the front page of the agency’s website, which showed a “404 error” message beginning on the day Trump officials arrived at the bureau, is functioning once more.
The question now: What’s next for the CFPB? Gerety, a former assistant secretary of the treasury under Obama, believes the developments of the past week are good for the American consumer and a sign that the administration is taking its responsibilities to keep the agency operating seriously. While there’s a “wait and see” element to Gerety’s view of the CFPB, Webster noted that there’s a lot more hanging in the balance for the agency than just dealing with consumer complaints.
Gerety emphasized ambiguity remains about broader rulemaking and enforcement until a new director is confirmed by the Senate. The incoming leadership could swiftly alter or delay previously enacted regulations, given the Supreme Court’s directive that the agency follow rigorous rulemaking procedures. Gerety offered pragmatic advice to FinTech companies navigating this ambiguity, stressing the importance of maintaining robust compliance standards despite potential regulatory shifts.
“Even as the compliance obligations may be lessened, that actually puts more pressure on you to be operating in good faith relative to your consumers,” Gerety said. “We’re telling people it’s a little bit easier on compliance, but harder on risk.” Until the CFPB’s direction becomes clear, Gerety advises caution, noting, “You can’t follow the policy prescriptions. You have to follow the rules, because that’s the part that has legal force.”
He noted that the confirmation of CFPB director nominee Jonathan McKernan, expected imminently, is likely to be a smooth process and could rapidly clarify the agency’s path forward. “I expect his confirmation to go smoothly,” Gerety said. “He said the right things about following the law,” emphasizing that swift confirmation would help stabilize the agency and resolve uncertainty around pending regulations.
Big Hit to Credit Unions
While the CFPB may have a reprieve, the same cannot be said about the Community Development Financial Institutions (CDFI) Fund. It was the target of a new executive order from President Trump last week. Established in 1994 as a bipartisan Treasury Department initiative, the fund promotes economic opportunity in underserved communities by supporting mission-driven financial institutions that provide capital and services to individuals and businesses often overlooked by traditional banks. Prior to the recent executive order, the Fund had awarded over $5.1 billion through various monetary award programs and $66 billion in tax credits through its New Markets Tax Credit Program, helping finance over 109,000 businesses and 45,000 affordable housing units in fiscal year 2024. On Friday (March 14), the president signed an executive order directing the CDFI Fund to be “eliminated to the maximum extent consistent with applicable law” and to “reduce the performance of their statutory functions and associated personnel to the minimum presence and function required by law,” deeming it “unnecessary” alongside six other federal agencies, despite bipartisan congressional support for the program.
As Webster and Gerety discussed, the EO has implications beyond the federal grant program. It has substantial implications for credit unions across the United States. As of January 2025, 495 certified CDFI credit unions serve millions of members in economically distressed areas, and these institutions now face considerable uncertainty regarding funding streams and operational support, according to the fund’s website.
Gerety expressed concern about the recent executive order targeting the CDFI Fund, emphasizing its crucial role in aiding credit unions and community-focused financial institutions nationwide. He explained that nearly 10% of U.S. credit unions hold CDFI certification, leveraging the fund’s grants, subsidies, and affordable housing loans to effectively serve low-income and minority communities.
Gerety described the CDFI Fund as a straightforward, transparent mechanism whose impacts are easily measured, stressing, “It’s super transparent. It’s really easy to track the impact. And we’ve seen the impact now over 30 years transform communities.” He detailed how the fund consistently distributes loans and grants directly to community-oriented financial institutions, driving tangible outcomes. In 2024 alone, CDFI-backed institutions provided funding to 109,000 small businesses and supported the development of approximately 45,000 affordable housing units through $24 billion in community-focused loans and investments, according to Gerety.
The Uncertain Vibe
So it was a Monday in D.C. to be sure. Has it changed the general vibe in Washington? For consumers? Has it changed the general vibe for fintechs and banks? Let’s take the last issue first. Maybe the actions in Washington haven’t directly impacted FinTechs this week. But Klarna’s IPO filing last Friday (March 14) has had a positive effect, Gerety said. (Full disclosure: Gerety’s company, QED Investors was an early stage investor in Klarna but is no longer actively involved.)
“This is great news for FinTech,” he told Webster. “And I think the other thing that’s really interesting with Klarna is they have shifted the mindset in Europe for their customers. Not just to be a way for people to pay, but also a way for people to discover. And I think that that change in consumer behavior is a real testament to the team there. It’s interesting timing given the market term turmoil, but strong businesses that want to be public can survive turmoil in the market.”
And regarding the general vibe in Washington this week? Still uncertain, according to Gerety.
“Maybe you’re in a business where you manufacture with steel. Well, are the tariffs on or off? When are they coming? Should you build a plant here or somewhere else? You don’t know,” he said. “And when you put all that together the right thing to do is just to pause. And unfortunately for the economy, a pause is deadly.”
Mick Cronin and the No. 12 UCLA Bruins officially tip off the highly-anticipated 2025-26 season against the Big Sky’s Eastern Washington Eagles.
Backed by UCLA’s star-studded transfer portal addition of Donovan Dent, the Bruins’ ceiling is higher than it’s been in recent season, and yet Westwood still has its fair share of doubters.
The Bruins also have some key returners, like Tyler Bilodeau, Eric Dailey Jr. and Skyy Clark, who are all primed to elevate their games next to Dent.
With that being said, let’s get into our first UCLA men’s basketball preview of the season.
UCLA is the start of EWU’s gauntlet non-conference schedule, which includes the Bruins, Washington State, Utah and No . 8 BYU.
The Eagles’ leading scorer from last season, Andrew Cook, returns this season. Cook averaged 15.8 points, 3.5 rebounds and 1.9 assists per game.
This is the second time the Bruins are matching up with Eastern Washington all time. The last matchup came during the 2011-12 season when UCLA beat the Eagles 60-47 in the Los Angeles Sports Arena.
What: UCLA Bruins vs. Eastern Washington Eagles
When: Monday, Nov. 3
Time: 7:30 p.m. (PT)
Where: Pauley Pavilion (Westwood, California)
TV: Big Ten Network
Radio: AM 790 (KABC)
1. Donovan Dent, PG
What more is there to say about Dent? The 2024-25 All-American was one of, if not the, most impactful transfers of the offseason, and he is poised to raise Cronin’s offensive ceiling this year.
The elite playmaking guard showed flashes of his impact in UCLA’s two preseason exhibition games, where, despite struggling from the field, showed the poised scoring and facilitating ability that drew Cronin’s eyes to him.
Against an opponent like Eastern Washington, elite guards like Dent can really flex their guns. Look for Dent to set up his teammates more rather than trying to get his own bucket on Monday.
2. Eric Dailey Jr., Forward
Dailey is one of UCLA’s most impactful returners, and he’s primed for a big season next to Dent. He averaged 11.4 points and 4.0 rebounds in 33 games last year, showing flashes of his potential as a scorer.
Ahead of this season, Dailey has been named to the 20-person watch list for the Julius Erving Small Forward of the Year award. Dailey’s scoring is integral to UCLA’s success. Last season, the Bruins were 16-2 when he scored at least 10 points in a game.
Dent elevates the players around him. Don’t be surprised if we see a leap year for Dailey.
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Scenes from the Nassau Class A field hockey championship between Massapequa and Port Washington on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Kali Humann of Massapequa dribbles past the Port Washington defense during the Nassau Class A field hockey championship on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Mia Holihan of Massapequa during the Nassau Class A field hockey championship against Port Washington on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Kali Humann of Massapequa dribbles past the Port Washington defense during the Nassau Class A field hockey championship on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Massapequa defeats Port Washington to win the Nassau Class A field hockey championship on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Tatum Brennan of Massapequa battles for possession with Lily Longaro of Port Washington during the Nassau Class A field hockey championship on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Kali Humann of Massapequa takes a shot on goal against Port Washington goalkeeper during the Nassau Class A field hockey championship on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Kali Humann of Massapequa dribbles past the Port Washington defense during the Nassau Class A field hockey championship on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Massapequa defeats Port Washington to win the Nassau Class A field hockey championship on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Sophia Bolognini, left, and Ella Van Nostrand of Massapequa during the Nassau Class A field hockey championship on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Aliya Hassett of Massapequa battles for possession with a Port Washington defender during the Nassau Class A field hockey championship on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Kali Humann of Massapequa controls the ball in the first half during the Nassau Class A field hockey championship against Port Washington on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Lily Longaro of Port Washington controls the ball during the Nassau Class A field hockey championship against Massapequa on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Lexi Raskin of Port Washington controls the ball during the Nassau Class A field hockey championship against Massapequa on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Lyla Grosso of Port Washington battles for possession with Massapequa defense during the Nassau Class A field hockey championship on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Olivia Pennacchia of Port Washington battles for possession with Sophia Bolognini of Massapequa during the Nassau Class A field hockey championship on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Aliya Hassett of Massapequa battles for possession with a Port Washington defender during the Nassau Class A field hockey championship on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Lyla Grosso of Port Washington battles for possession with Massapequa defense during the Nassau Class A field hockey championship on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Brooke Donnellan of Massapequa dribbles past a Port Washington defender during the Nassau Class A field hockey championship on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Massapequa defeats Port Washington to win the Nassau Class A field hockey championship on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Kali Humann of Massapequa dribbles past the Port Washington defense during the Nassau Class A field hockey championship on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Kali Humann of Massapequa battles for possession with the Port Washington defense during the Nassau Class A field hockey championship on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Sophia Bolognini of Massapequa faces Lexi Raskin of Port Washington during the Nassau Class A field hockey championship on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Olivia Pennacchia of Port Washington controls the ball in the first half during the Nassau Class A field hockey championship against Massapequa on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Massapequa defeats Port Washington to win the Nassau Class A field hockey championship on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Aliya Hassett of Massapequa battles for possession with a Port Washington defender during the Nassau Class A field hockey championship on Sunday, Nov. 2, 2025, at Adelphi.
Credit: Kelvin Loarca
Massapequa defeats Port Washington to win the Nassau Class A field hockey championship on Sunday, Nov. 2, 2025, at Adelphi.
Washington
Juvenile curfew declared in Washington DC; Mayor Muriel Bowser announces nighttime curfew after Halloween ruckus | Today News
Juvenile curfew order was imposed in Washington DC on Saturday after Halloween evening misbehaviour. Executive Office of Washington DC Mayor on November 1 announced restrictions on movement of those below 18 during nighttime over the next few days, in the wake of disorderly behaviour in the past weeks.
The decision follows Halloween-related incidents where young people engaged in brawling, blocked streets and endangered public safety. “The behavior on Halloween evening – which included young people brawling, blocking streets, and moving into commercial establishments in large groups, endangering both themselves and others in the area – follows several weekends of similar behavior by youth in neighborhoods across the District,” the notice issued by Mayor Muriel Bowser states.
Curfew time: From 11:00 PM till 6:00 AM
Curfew last date: November 5
‘All juveniles are subject to a curfew’
Muriel Bowser in a post on X stated, “We are declaring a limited juvenile curfew in Washington, DC. Effective immediately, all juveniles under the age of 18 are subject to a curfew from 11PM until 6AM, which will extend through 11/5.”
Clarifying the reason for the curfew, Muriel Bowser added, “This is in response to several weeks of disorderly juvenile behavior which endangered both themselves and others.”
This comes after five youth were arrested on October 31 by the police and one officer suffered minor injuries. Besides the curfew, the police will designate special zones which are at high risk for disorderly conduct. These locations will have longer curfew times, beginning as early as 6:00 PM.
Furthermore, the notice warns the youths against declaration of temporary curfew zone in case of a group gathering of more than seven youth citing threat to “safety of the youth, residents, or the public.”
List of Special Juvenile Curfew Zones
On Saturday night, Chief of Police Pamela A Smith announced several of the above mentioned “Special Juvenile Curfew Zones” as specified here:
- Navy Yard
- near the U Street Coridor
- Banneker Recreation Center near Howard University
- Union Station
The Navy Yard juvenile curfew zones covers the stretch between Interstate 695 and the Anacostia River on the north and south. It covers the area between 8th Street SE in the east and South Capitol in the west, FOX5 reported
The designated zone near the U Street Corridor covers the stretch between 9th Street NW and Florida Avenue in the east and 15th Street from T Street to V Street NW in the west. It covers the area between V Street and Vermont Avenue NW in the north and T Street NW in the south.
The zone at Banneker Recreation Center stretches between Georgia Avenue NW and 9th Street NW to the east and west. It covers the area between Euclid Street NW and W Street NW to the north and south.
The zone at Union Station covers the stretch 3rd Street NE and North Capitol Street NE to the east and west. It covers the area between H Street NE and D Street NE to the north and south.
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