President Trump has nominated Jonathan McKernan to be the Director of the CFPB.
If confirmed by the Senate, McKernan would replace Office of Management and Budget Director Russell Vought, who is serving as acting bureau director.
Earlier this week, McKernan stepped down as a member of the FDIC board after Trump nominated Rodney Hood as a member. He said on a post on X that if Hood is confirmed, the number of Republicans on the Board would exceed the maximum allowed under federal law. No more than three members of the FDIC board may be members of the same party. Shortly after that, Trump nominated McKernan as CFPB Director.
McKernan joined the FDIC board in January, 2023. Before that, he served as counsel to then-Sen. Pat Toomey, R-Pa., on the staff of the Senate Banking Committee. He also was Senior Counsel at the Federal Housing Finance Agency and a Senior Policy Advisor at the Treasury Department. McKernan also was a Senior Financial Policy Advisor to then-Sen. Bob Corker, R-Tn.
From November 2023 to May 2024, McKernan was co–chairman of a special committee of the FDIC Board that oversaw an independent third-party review of allegations of sexual harassment and professional misconduct at the FDIC, as well as issues relating to the FDIC’s workplace culture.
Prior to his government service, McKernan worked in private practice, focusing on issues dealing with banking and consumer finance laws.
McKernan holds a Bachelor of Arts and Master of Arts in economics from the University of Tennessee and a Juris Doctor with High Honors from the Duke University School of Law.
In addition, this week, according to press reports, CFPB Assistant Director for the Office of Enforcement Eric Halperin and Assistant Director for Supervision Policy Lorelei Salas have stepped down after being placed on administrative leave.
Their resignations follow a Vought order stopping all work at the bureau
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