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Washington Weekly: CFPB’s Future and the Impact of CDFI Cuts on Credit Unions | PYMNTS.com

Published

9 months ago

March 17, 2025

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.”

See More In: Amias Gerety, CDFI, CFPB, Community Development Financial Institutions Fund, Consumer Financial Protection Bureau, consumer protection, credit unions, Donald Trump, economy, New Markets Tax Credit Program, News, politics, PYMNTS News, pymnts tv, QED Investors, video, Washington Weekly

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New Washington Commanders stadium could hosts games at 2031 World Cup

Published

2 hours ago

November 28, 2025

Press Room

New Washington Commanders stadium could hosts games at 2031 World Cup

Washington, D.C., could host some World Cup games after all.

In 2031.

The still-to-be-built Washington Commanders stadium was among 14 U.S. sites listed as potential hosts for the women’s World Cup in 2031 in the bid book submitted Friday, Nov. 28, to FIFA by the United States, Mexico, Costa Rica and Jamaica. The four countries have the only bid for what will be an expanded, 48-team tournament, and FIFA will officially announce the host April 30, 2026.

FIFA also released the bid book for the 2035 tournament, a joint bid by England, Ireland, Scotland and Wales. That tournament also will be awarded in April.

The United States and Mexico are co-hosting the men’s World Cup with Canada next summer, and the 2031 tournament would make use of many of the same stadiums. But Charlotte, Denver, Minneapolis, Nashville, Orlando, San Diego and Washington, D.C., are also on the list of cities and stadiums for FIFA to evaluate as possible 2031 hosts.

Washington was famously snubbed when the final list of host cities for the men’s World Cup in 2026 was released, the omission blamed on the state of Northwest Stadium and the toxicity of then-Commanders owner Dan Snyder. But Snyder is gone, and new Commanders owner Josh Harris is planning a $3.7 billion stadium on the old RFK Stadium site.

Washington is also an epicenter for women’s soccer in the United States. The Washington Spirit played in the NWSL final for a second consecutive year last weekend, and Spirit owner Michele Kang has invested heavily in the game in the United States and Europe.

“Washington will use this platform to create safe places to play, elevate women in leadership, and ensure every girl can see herself in the game,” according to the description of Washington in the bid book.

Seattle, Los Angeles, Kansas City, Dallas, Houston, Atlanta and New York/New Jersey, all of which will hold games in 2026, are also listed as potential hosts. Mexico added Torreón to 2026 hosts Mexico City, Monterrey and Guadalajara.

Costa Rica and Jamaica identified one host city each, San José in Costa Rica and Kingston in Jamaica.

The tournament will be held in mid-June through late July, though specific dates were not given. The bid book also did not specify which countries would host which games. Given Costa Rica and Jamaica’s stadiums seat a maximum of 37,000, however, it’s likely the United States would host the latter knockout-round games, including the final.

In 2026, Mexico and Canada are hosting games through the round of 16. The quarterfinals, semifinals and final are all in the United States, with the final to be played at MetLife Stadium.

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Yates scores 25, Diallo adds 19 to lead Washington past Nevada 83-66 in Acrisure classic

Published

20 hours ago

November 27, 2025

Press Room

Yates scores 25, Diallo adds 19 to lead Washington past Nevada 83-66 in Acrisure classic

PALM SPRINGS, Calif. (AP) — Wesley Yates III scored 17 of his 25 points in the second half after Zoom Diallo had 13 of his 19 in the first half and Washington beat Nevada 83-66 in the Acrisure Holiday Classic on Thursday.

The Huskies (5-1), who won their bracket in the same tournament last year, led by six at halftime and were up by 11 just past the midway point of the second when Yates scored eight points in 80 seconds for a 67-48 lead with 7:09 to go.

The Wolf Pack (5-2) got within 10 with 1:26 to play but JJ Mandaquit made four free throws and Quimari Peterson drilled a 3-pointer to wrap up a 7-0 finish.

Franck Kepnang added 15 points on 6-of-6 shooting for the Huskies, who ended a six-game losing streak to Nevada.

Tayshawn Comer scored 16 points to lead the Wolf Pack (5-2). Elijah Price added 12 with eight rebounds.

The Huskies shot 52% in the second half (13 of 25), including 6 of 8 on 3-pointers, and made 17 of 21 from the foul line.

Diallo helped Washington take a 34-28 lead at halftime. The Huskies had a 10-0 run through the middle of the half that included a three-point play and seven points from Diallo to lead 19-11,

Chuck Bailey III had a 3 that pulled Nevada into a tie at 20. Yates matched that shot and the Huskies kept the lead the rest of the way.

Up next

Washington plays Colorado for the championship on Friday.

Nevada plays San Francisco in the consolation game on Friday.

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Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here and here (AP News mobile app). AP college basketball: https://apnews.com/hub/ap-top-25-college-basketball-poll and https://apnews.com/hub/college-basketball

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National Guardsmen shot in Washington DC: What happened, who’s the suspect?

Published

2 days ago

November 27, 2025

Press Room

National Guardsmen shot in Washington DC: What happened, who’s the suspect?

Two West Virginia National Guard members were critically wounded after being shot near the White House. Officials have described the attack as a “targeted shooting”.

United States President Donald Trump condemned the shooting as a “heinous assault” and “an act of evil, an act of hatred and an act of terror”.

What happened in Washington, DC?

Police say a lone suspect opened fire on a National Guard member at about 2:15pm local time (19:15 GMT).

The suspect, who was also shot during the confrontation, was taken to a hospital for treatment and remains under police custody.

“It appears to be a lone gunman who raised a firearm and ambushed these members of the National Guard,” Jeffery Carroll, executive assistant chief, told reporters.

According to a CNN report, the suspect walked up to three National Guard members who appeared unaware of him until he opened fire. He shot one guard, then another, before standing over the first victim and appearing to attempt another shot. At that point, the third guardsman returned fire.

Trump was in Florida at the time of the incident.

Approximately 2,200 National Guard members have been deployed across the US capital, including 925 from the DC National Guard and more than 1,200 from other states.

Law enforcement officers secure the area after a shooting in downtown Washington, DC, November 26, 2025 [AFP]

What is the National Guard?

The National Guard is a reserve branch of the US military that can be called up during emergencies at home, such as natural disasters or civil unrest, and can also support missions overseas.

It consists of the Army National Guard and the Air National Guard and has about 431,000 members, making it the second-largest military force in the country.

Each US state and territory, as well as Washington, DC, has its own National Guard units. These units answer both to state leaders and the federal government. This differs from the regular US military, whose active-duty members serve full-time under federal command.

Two soldiers wounded on Wednesday were members of West Virginia’s National Guard, Governor Patrick Morrisey said.

Last week, a federal judge ordered a temporary halt to Trump’s deployment of National Guard troops to Washington, DC, ruling that the move was likely unlawful. Following the shooting, the Trump administration sought to have that decision overturned.

A member of the U.S. Secret Service stands guard in a cordoned-off area after two National Guard members — A member of the US Secret Service stands guard in a cordoned-off area after two National Guard members were shot near the White House, November 26, 2025 [Nathan Howard/Reuters]

Where did the shooting take place?

The shooting took place in Farragut Square – a tourist-heavy area located near a busy transit centre and the White House.

The area, where lampposts are wrapped in wreaths and bows for the holiday season, is flanked by fast-casual restaurants and a coffee shop, as well as two stops on the Washington metro system.

Who is the suspect?

Investigators have identified the suspect as 29-year-old Rahmanullah Lakanwal.

Homeland Security Secretary Kristi Noem said Lakanwal arrived in the US from Afghanistan in September 2021 through Operation Allies Welcome – a programme launched under the Joe Biden administration to resettle Afghans after the Taliban regained control following the US withdrawal.

“I can report tonight that based on the best available information, the Department of Homeland Security is confident that the suspect in custody is a foreigner who entered our country from Afghanistan – a hellhole on Earth,” Trump said in a video message.

The suspect who shot our brave National Guardsmen is an Afghan national who was one of the many unvetted, mass paroled into the United States under Operation Allies Welcome on September 8, 2021, under the Biden Administration.
I will not utter this depraved individual’s name.…
— Secretary Kristi Noem (@Sec_Noem) November 27, 2025

What is Operation Allies Welcome?

Operation Allies Welcome was a US programme started in 2021 to help Afghans who fled their country after the Taliban took control. Many of these Afghans had worked with US troops as interpreters, drivers, or support staff and feared they could be targeted. Others, such as journalists and women’s rights activists, were also at risk.

Under the programme, tens of thousands of Afghans were transported to US military bases, where they underwent medical checks, received vaccinations, and completed immigration processing. They also underwent security screening before being relocated to communities across the country.

According to the Congressional Research Service, about 76,000 Afghans entered the US through the initiative, which lasted roughly a year. The programme later faced criticism from some Republicans who argued the vetting process was insufficient.

What’s next?

In response to the attack, Trump announced plans to expand deportation efforts and said his administration would re-examine Afghans who arrived after the Taliban takeover. “We must now re-examine every single alien who has entered our country from Afghanistan,” he said.

US Citizenship and Immigration Services said it is pausing the processing of all Afghan immigration requests “pending further review of security and vetting protocols.”

Separately, Defense Secretary Pete Hegseth announced that an additional 500 National Guard members, from a state yet to be named, would be sent to Washington, DC, to bolster security and reassure the public.

Effective immediately, processing of all immigration requests relating to Afghan nationals is stopped indefinitely pending further review of security and vetting protocols.
The protection and safety of our homeland and of the American people remains our singular focus and…
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— USCIS (@USCIS) November 27, 2025

What have been the reactions?

In his statement, Trump said he was “determined to ensure that the animal who perpetrated this atrocity pays the steepest possible price”.

“We are not going to put up with these kinds of assaults on law and order by people who shouldn’t even be in our country,” he said.

President Trump delivers remarks on the horrific attack on the Great National Guard Warriors https://t.co/xDxRzJENU0
— The White House (@WhiteHouse) November 27, 2025

Shawn VanDiver, president of #AfghanEvac, a coalition that assists Afghans seeking to immigrate, said the organisation believes that the attacker should face “full accountability and prosecution”. But he warned that the incident should not be used to “demonise the Afghan community”.

Our statement regarding today’s horrific shooting.
Our hearts go out to the brave guardsmen attacked today.
We will not let the action of one deranged asshole be the excuse used to cause harm to an entire community of people. pic.twitter.com/LcMODaYEXD
— Shawn VanDiver (@shawnjvandiver) November 27, 2025

Former President Joe Biden said he and his wife, Jill, are “heartbroken” by the shooting.

“Violence of any kind is unacceptable, and we must all stand united against it. We are praying for the service members and their families,” Biden wrote on X.

Jill and I are heartbroken that two members of the National Guard were shot outside the White House. Violence of any kind is unacceptable, and we must all stand united against it. We are praying for the service members and their families.
— Joe Biden (@JoeBiden) November 26, 2025

Former US President Barack Obama shared a post on social media condemning the attack, and saying, “Violence has no place in America.”

Violence has no place in America. Michelle and I are praying for the servicemembers shot in Washington, DC today, and send our love to their families as they enter this holiday season under the most tragic of circumstances.
— Barack Obama (@BarackObama) November 27, 2025

General Steven Nordhaus, the head of the National Guard, said he was returning to Washington, DC, from Guantanamo Bay, which he was visiting to spend Thanksgiving with US troops at the military base.

SEA Raines and I join our entire National Guard family in praying for the recovery of the two West Virginia National Guard heroes who were shot while protecting our Nation’s capital today. pic.twitter.com/iOj465v1Aa
— Gen. Steven Nordhaus (@ChiefNGB) November 26, 2025
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