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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.”
The Washington Capitals have officially announced their 2025-26 schedule.
The Caps will kick off their season on October 8 at home against the Boston Bruins before hitting the road to face the New York Islanders and New York Rangers.
The Capitals will play three four-game homestands in 2025-26 from October 14-21, November 22-28, and March 14-22. Their longest road trip will see them go west for a six-game stretch between January 19 and 29.
Capitals’ 2025-26 regular-season schedule
| Game | Day | Date | Visitor | Home | Time (ET) |
|---|---|---|---|---|---|
| 1 | Wed | October 8 | Boston | Washington | 7:30 PM |
| 2 | Sat | October 11 | Washington | N.Y. Islanders | 7:00 PM |
| 3 | Sun | October 12 | Washington | N.Y. Rangers | 7:00 PM |
| 4 | Tue | October 14 | Tampa Bay | Washington | 7:00 PM |
| 5 | Fri | October 17 | Minnesota | Washington | 7:00 PM |
| 6 | Sun | October 19 | Vancouver | Washington | 12:30 PM |
| 7 | Tue | October 21 | Seattle | Washington | 7:00 PM |
| 8 | Fri | October 24 | Washington | Columbus | 7:00 PM |
| 9 | Sat | October 25 | Ottawa | Washington | 7:00 PM |
| 10 | Tue | October 28 | Washington | Dallas | 8:30 PM |
| 11 | Fri | October 31 | N.Y. Islanders | Washington | 7:00 PM |
| 12 | Sat | November 1 | Washington | Buffalo | 7:00 PM |
| 13 | Wed | November 5 | St. Louis | Washington | 7:30 PM |
| 14 | Thu | November 6 | Washington | Pittsburgh | 7:00 PM |
| 15 | Sat | November 8 | Washington | Tampa Bay | 7:00 PM |
| 16 | Tue | November 11 | Washington | Carolina | 7:00 PM |
| 17 | Thu | November 13 | Washington | Florida | 7:00 PM |
| 18 | Sat | November 15 | New Jersey | Washington | 7:00 PM |
| 19 | Mon | November 17 | Los Angeles | Washington | 7:00 PM |
| 20 | Wed | November 19 | Edmonton | Washington | 7:00 PM |
| 21 | Thu | November 20 | Washington | Montreal | 7:00 PM |
| 22 | Sat | November 22 | Tampa Bay | Washington | 7:00 PM |
| 23 | Mon | November 24 | Columbus | Washington | 7:00 PM |
| 24 | Wed | November 26 | Winnipeg | Washington | 7:00 PM |
| 25 | Fri | November 28 | Toronto | Washington | 5:00 PM |
| 26 | Sun | November 30 | Washington | N.Y. Islanders | 1:00 PM |
| 27 | Tue | December 2 | Washington | Los Angeles | 10:30 PM |
| 28 | Wed | December 3 | Washington | San Jose | 10:00 PM |
| 29 | Fri | December 5 | Washington | Anaheim | 10:00 PM |
| 30 | Sun | December 7 | Columbus | Washington | 7:00 PM |
| 31 | Thu | December 11 | Carolina | Washington | 7:00 PM |
| 32 | Sat | December 13 | Washington | Winnipeg | 7:00 PM |
| 33 | Tue | December 16 | Washington | Minnesota | 8:00 PM |
| 34 | Thu | December 18 | Toronto | Washington | 7:00 PM |
| 35 | Sat | December 20 | Detroit | Washington | 12:30 PM |
| 36 | Sun | December 21 | Washington | Detroit | 1:00 PM |
| 37 | Tue | December 23 | N.Y. Rangers | Washington | 6:30 PM |
| 38 | Sat | December 27 | Washington | New Jersey | 7:00 PM |
| 39 | Mon | December 29 | Washington | Florida | 7:00 PM |
| 40 | Wed | December 31 | N.Y. Rangers | Washington | 12:30 PM |
| 41 | Thu | January 1 | Washington | Ottawa | 1:00 PM |
| 42 | Sat | January 3 | Chicago | Washington | 7:00 PM |
| 43 | Mon | January 5 | Anaheim | Washington | 7:00 PM |
| 44 | Wed | January 7 | Dallas | Washington | 7:00 PM |
| 45 | Fri | January 9 | Washington | Chicago | 8:00 PM |
| 46 | Sun | January 11 | Washington | Nashville | 7:00 PM |
| 47 | Tue | January 13 | Montreal | Washington | 7:00 PM |
| 48 | Thu | January 15 | San Jose | Washington | 7:00 PM |
| 49 | Sat | January 17 | Florida | Washington | 7:00 PM |
| 50 | Mon | January 19 | Washington | Colorado | 4:00 PM |
| 51 | Wed | January 21 | Washington | Vancouver | 10:00 PM |
| 52 | Fri | January 23 | Washington | Calgary | 9:00 PM |
| 53 | Sat | January 24 | Washington | Edmonton | 10:00 PM |
| 54 | Tue | January 27 | Washington | Seattle | 10:00 PM |
| 55 | Thu | January 29 | Washington | Detroit | 7:00 PM |
| 56 | Sat | January 31 | Carolina | Washington | 5:00 PM |
| 57 | Mon | February 2 | N.Y. Islanders | Washington | 7:00 PM |
| 58 | Tue | February 3 | Washington | Philadelphia | 7:00 PM |
| 59 | Thu | February 5 | Nashville | Washington | 7:00 PM |
| 60 | Wed | February 25 | Philadelphia | Washington | 7:00 PM |
| 61 | Fri | February 27 | Vegas | Washington | 7:00 PM |
| 62 | Sat | February 28 | Washington | Montreal | 7:00 PM |
| 63 | Tue | March 3 | Utah | Washington | 7:00 PM |
| 64 | Sat | March 7 | Washington | Boston | 12:30 PM |
| 65 | Mon | March 9 | Calgary | Washington | 7:00 PM |
| 66 | Wed | March 11 | Washington | Philadelphia | 7:30 PM |
| 67 | Thu | March 12 | Washington | Buffalo | 7:00 PM |
| 68 | Sat | March 14 | Boston | Washington | 3:00 PM |
| 69 | Wed | March 18 | Ottawa | Washington | 7:30 PM |
| 70 | Fri | March 20 | New Jersey | Washington | 7:00 PM |
| 71 | Sun | March 22 | Colorado | Washington | 12:30 PM |
| 72 | Tue | March 24 | Washington | St. Louis | 8:00 PM |
| 73 | Thu | March 26 | Washington | Utah | 9:00 PM |
| 74 | Sat | March 28 | Washington | Vegas | 10:30 PM |
| 75 | Tue | March 31 | Philadelphia | Washington | 7:00 PM |
| 76 | Thu | April 2 | Washington | New Jersey | 7:00 PM |
| 77 | Sat | April 4 | Buffalo | Washington | 7:00 PM |
| 78 | Sun | April 5 | Washington | N.Y. Rangers | 7:00 PM |
| 79 | Wed | April 8 | Washington | Toronto | 7:30 PM |
| 80 | Sat | April 11 | Washington | Pittsburgh | 3:00 PM |
| 81 | Sun | April 12 | Pittsburgh | Washington | 3:00 PM |
| 82 | Tue | April 14 | Washington | Columbus | 7:00 PM |
Washington will look to repeat a strong regular-season showing from 2024-25 that saw it lead the Eastern Conference with a 111-point (51-22-9) record, besting the team’s 2023-24 performance by 20 points. Captain Alex Ovechkin also sits just three goals away from 900 as he enters what could be his final NHL season.
The Caps will hit the ice for several holiday games over the season, including on Halloween (October 31 vs New York Islanders), Black Friday (November 28 vs Toronto), and New Year’s Eve (December 31 vs New York Rangers).
With NHL players returning to the Olympics in February 2026 for the first time since 2014, the league will pause from February 6 to 24. Martin Fehervary became the first Capitals player named to an 2026 Olympic roster and will represent his native Slovakia at the Games.
Important home games (per the Capitals):
- Oct. 8 – Home opener at Capital One Arena versus the Boston Bruins
- Oct. 14 – The Capitals face the Tampa Bay Lightning
- Oct. 31 – Washington hosts the New York Islanders on Halloween
- Nov. 19 – Connor McDavid and the Edmonton Oilers make their lone visit to Capital One Arena
- Nov. 28 – The Capitals host Auston Matthews and the Toronto Maple Leafs the day after Thanksgiving
- Dec. 11 – The Capitals face the Carolina Hurricanes in a Metropolitan Division clash
- Dec. 23 – The New York Rangers make their first of two visits to Capital One Arena for the Capitals’ final game before the holiday break
- Dec. 31 – The New York Rangers return to D.C. for a New Year’s Eve matinee
- Jan. 3 – The Capitals face Connor Bedard and the Chicago Blackhawks
- Jan. 13 – The Capitals host the Montreal Canadiens in a rematch of last season’s First Round series
- Jan. 17 – The Capitals face the two-time defending Stanley Cup champion Florida Panthers
- Jan. 31 – The Carolina Hurricanes make their second of two trips to D.C.
- Feb. 27 – The Capitals face the Vegas Golden Knights on Friday night
- March 20 – The Capitals host the New Jersey Devils for a Friday night divisional contest
- March 31 – The Capitals face Metropolitan Division rival Philadelphia
- April 12 – Washington completes its 2025-26 home regular-season schedule against Sidney Crosby and the Pittsburgh Penguins
The Caps will begin their preseason on September 21 and will play six exhibition games before Opening Night, including a game at the Hershey’s Giant Center on September 25 against the Philadelphia Flyers. See the full preseason schedule here.
Here’s the press release from the Capitals:
Capitals Announce 2025-26 Regular-Season Schedule
Washington hosts the Boston Bruins in season opener on Oct. 8 at Capital One Arena
ARLINGTON, Va. – The National Hockey League today announced the 2025-26 regular-season schedule for its 32 member clubs. The Washington Capitals will open the season at home against the Boston Bruins on Wednesday, Oct. 8 at 7:30 p.m. at Capital One Arena.
The Capitals have six homestands of at least three games on the schedule, the longest being three four-game homestands at Capital One Arena from Oct. 14-21, Nov. 22-28 and March 14-22. Washington also has five stretches of at least three consecutive road games, including a season-long six-game road trip from Jan. 19-29. In addition, the Capitals will have 14 sets of back-to-back games.
Eighteen of the Capitals’ 41 home games at Capital One Arena fall on weekends, which include five games on Friday, nine on Saturday and four on Sunday. The schedule features holiday home games on Halloween (Oct. 31 vs. NY Islanders) and New Year’s Eve (Dec. 31 vs. NY Rangers). Last season, the Capitals posted the seventh best home record in the NHL (26-9-6) and ranked fourth in the League in goals per game at home (3.68).
The Capitals’ schedule will pause for a 17-day break from Feb. 6-22 for the Olympic Winter Games Milano Cortina 2026, which will take place on Feb. 6-22.
Television broadcast plans will be released at a later date. All Capitals games can be heard on the Capitals Radio Network, 106.7 The Fan, WashingtonCaps.com and on the Washington Caps mobile app.
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Home prices are on the rise in Washington state.
Statewide, the median sales price of a home in Washington during the first quarter of 2025 was $636,200, representing a 1.6% increase from the same period in 2024, according to the Washington Center for Real Estate Research at the University of Washington.
The center’s latest housing market report stated that home prices increased in all of the state’s 16 metropolitan counties compared to a year ago. Zooming out for a statewide view, rural Lincoln County in Eastern Washington saw the biggest relative increase at 22.1%. The median home price in Lincoln was $274,500 in the first quarter of this year.
In Kitsap County, the relative increase was 2.1% and the median home price was $543,600. In King County, the increase was 1.1% and the median home price was $940,900, representing the highest median price in the state.
“Washington state’s housing market was mixed in the first quarter of 2025, with sales and inventory increasing and new building permits declining compared with a year ago,” the report stated. Approximately 7,500 building permits were issued in the first quarter of 2025, representing an 18.9% decrease from the same period last year.
Here’s more on the report and where home prices are increasing the most in the state.
Where have housing prices increased the most in Washington state?
These are the 10 counties in Washington state that saw the biggest relative increases in home prices in the first quarter of 2025 compared to a year ago, according to the housing market report:
- Lincoln County
- % change by year: 22.1
- Median home price Q1 2025: $274,500
- Pacific County
- % change by year: 19.4
- Median home price Q1 2025: $358,300
- Columbia County
- % change by year: 17.7
- Median home price Q1 2025: $268,700
- San Juan County
- % change by year: 17.5
- Median home price Q1 2025: $866,700
- Skamania County
- % change by year: 15.5
- Median home price Q1 2025: $531,200
- Wahkiakum County
- % change by year: 12.1
- Median home price Q1 2025: $467,500
- Klickitat County
- % change by year: 11.1
- Median home price Q1 2025: $437,500
- Grant County
- % change by year: 10.5
- Median home price Q1 2025: $372,200
- Skagit County
- % change by year: 10.3
- Median home price Q1 2025: $610,000
- Cowlitz County
- % change by year: 10
- Median home price Q1 2025: $413,700
What are the least and most affordable counties in Washington?
The least affordable county in Washington state is San Juan County, according to the report. Garfield County in southeastern Washington is the most affordable. The median home price in Garfield was $212,200 in the first quarter of 2025.
However, all “the state’s 39 counties, and especially those in the central Puget Sound region, present affordability issues for first-time buyers,” the report stated.
What are the best cities to buy a home in the US?
A new report from the personal finance company WalletHub examined the best and worst places for first-time home buyers in the country. It took 300 cities and compared them across a number of factors, including affordability, market attractiveness and quality of life, according to the report.
Palm Bay on the eastern coast of Florida ranked as the best place for first-time home buyers in the country, according to the report. “It’s among the leading cities in the country when it comes to active home listings per capita and new building permits per capita, so there are plenty of older and brand-new homes to choose from,” the report stated. “In addition, while it’s a stereotype that millennials struggle to buy homes, Palm Bay has the fifth-highest millennial home-ownership rate.”
But several Washington locations also ranked relatively highly as being good places to buy a home. Spokane Valley ranked 33rd, Yakima ranked 45th and Spokane ranked 46th.
Housing data shared by Redfin showed the median sale price of a home in Spokane Valley was $430,000 in May 2025. Yakima had a median sale price of $360,000, and Spokane had a median sale price of $390,000.
How much do you need to earn to buy a home in Washington state?
A January 2025 report from Realtor.com found that home buyers in 36 states needed to earn a six-figure income to reasonably afford a home. Washington ranked sixth among states where buyers needed the highest incomes to buy a home. The median household income recommended to buy a house in Washington was $176,669.
Realtor based its findings on the median monthly mortgage payments in each state.
“The calculation uses median home list prices from December 2024 and a 6.93% mortgage rate for a 30-year fixed loan,” the report stated. “It includes estimated property taxes and insurance costs. It also assumes buyers put down 10% and didn’t spend more than 30% of their gross income on their mortgage payments each month.”
According to the U.S. Census Bureau, the median household income in Washington state in 2023 dollars was $94,952.
There’s a new curfew in Laurel, Maryland, after fights, illegal fireworks and a shooting disrupted the city’s Fourth of July festivities.
Thousands attended Laurel’s Independence Day Celebration at Granville Gude Park on Saturday.
Large groups of teens disrupted the event by getting into fights, setting off illegal fireworks. One teen was shot, authorities said.
“It was organized chaos, I call it,” Laurel Mayor Keith Sydnor said.
Videos on TikTok show much of the chaos happened at the Laurel Town Centre.
“It’s been a trend in various cities throughout the state of Maryland with juveniles coming into the city on purpose and causing disruption. And they happened to come into our city on July the 5th and cause some disruption that made us review some of our curfew policies,” Sydnor said.
The new temporary curfew began Friday night and will be in effect every night through August 31.
Children under the age of 17 can’t be out without an adult from 11 p.m. to 5 a.m.
Sydnor said if police see children violating the curfew they will interview the child to find out why they’re out past 11 p.m. before taking them home or having a parent or guardian pick them up.
“Not for us to try to grab kids and lock ’em up. We want to just push the kids along. We want the parents to deliver the message. Know where your kid is at all times,” Sydnor said.
Opinions about the curfew are mixed. One man who attended the Fourth of July celebration said he didn’t see any problems.
“A lot of times it’s done on your feelings and emotions. You need to kind of set those feelings and emotions aside and have some good common sense and logic. Don’t just put a curfew or put something in because on this particular day this happened,” he said.
A grandmother who was out shopping with her grandkids on Monday told News4 teens need to be home and she supports the curfew.
“These kids don’t have no structure, no discipline, no nothing. This would help with crime with teenagers,” she said.
Sydnor said the city has activities for teens, including drop-in events at recreation centers, a safe summer nights program and “real talk” sessions for kids 13 to 17 to hear their concerns.
“We have safe spaces for them to come in and … learn stuff at the same time and have fun,” Sydnor said.
Police said no one has been arrested in connection with the shooting during the Fourth of July celebration.
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