Latest news with #JonathanMcKernan
New York Times
09-05-2025
- Business
- New York Times
Trump to Withdraw Nominee to Lead Consumer Bureau
President Trump plans to drop his nomination for Jonathan McKernan to lead the Consumer Financial Protection Bureau, leaving the agency in the hands of a temporary director as Mr. Trump's officials work to gut the agency. The Treasury Department said Friday that the president instead planned to nominate Mr. McKernan to serve as the department's under secretary of domestic finance. Mr. McKernan was nominated in February to serve as the consumer bureau's director and testified that month at a confirmation hearing before the Senate Banking Committee. His nomination was approved by the committee but had not yet been taken up by the full Senate. A White House representative said the president intended to rescind that nomination and instead have Mr. McKernan fill the Treasury role. Russell T. Vought, the White House budget office director, has been the consumer bureau's acting director since early February. He has frozen most of the agency's operations and sought to fire 90 percent of its staff — a move federal courts have temporarily blocked. A three-judge panel from the U.S. Court of Appeals for the District of Columbia Circuit is scheduled to hear oral arguments for that case next week. Also on Friday, the consumer bureau released a formal notice of its intention to withdraw more than 60 policy statements and guidance documents. Doing so would serve the public interest by reducing compliance demands on the companies the bureau regulates, Mr. Vought said in the notice. Banking trade groups praised the guidance purge, while consumer advocates responded with alarm. Better Markets, an advocacy group that favors financial industry oversight, said Mr. Vought's move was likely a first step in dismantling the agency's consumer complaints database, which helps people pursue claims against companies over financial disputes. Consumers have collected hundreds of millions of dollars in refunds and other relief in response to complaints filed with the consumer bureau. 'This is a calculated demolition of the tools consumers and advocates rely on to protect themselves from financial abuse,' said Brady Williams, a lawyer for Better Markets. The American Bankers Association said it was pleased to see the agency drastically pare back its guidance. Those documents were intended to help companies understand how the agency interpreted various laws, but the consumer bureau often used them as a form of stealth rule making, the banking group said. 'This misuse of guidance creates unnecessary confusion for regulated entities,' said Rob Nichols, the group's chief executive. 'We're hopeful that today's action marks a turning point.'
Bloomberg
09-05-2025
- Business
- Bloomberg
Trump to Nominate McKernan for Domestic Finance Role at Treasury
President Donald Trump plans to nominate attorney Jonathan McKernan as the Treasury Department's head of domestic finance, Secretary Scott Bessent announced in a statement Friday. McKernan was previously nominated to lead the Consumer Financial Protection Bureau, and sat for a Senate confirmation hearing for that role alongside other nominees earlier this year. He has been working as an adviser at the Treasury while awaiting confirmation, the department said. McKernan previously served at the Federal Deposit Insurance Corp.
Reuters
09-05-2025
- Business
- Reuters
US Treasury says Trump intends to nominate McKernan for undersecretary role
May 9 (Reuters) - U.S. President Donald Trump intends to nominate Jonathan McKernan to serve as the undersecretary of domestic finance at the U.S. Department of the Treasury, the department said on Friday. McKernan previously served on the board of directors of the Federal Deposit Insurance Corporation and held senior roles at the Federal Housing Finance Agency, the Treasury Department and the U.S. Senate, the Treasury Department said in a statement.
Yahoo
06-03-2025
- Business
- Yahoo
US Senate panel advances nominee to lead consumer watchdog
WASHINGTON (Reuters) - The U.S. Senate Banking Committee voted Thursday to advance the nomination of Jonathan McKernan to lead the Consumer Financial Protection Bureau. In a party-line vote of 13 to 11, McKernan was approved by the Republican-led panel, clearing the way for his eventual consideration by the full Senate to lead the agency, which the Trump administration has aggressively moved to curtail.
Reuters
06-03-2025
- Business
- Reuters
US Senate panel advances nominee to lead consumer watchdog
WASHINGTON, March 6 (Reuters) - The U.S. Senate Banking Committee voted Thursday to advance the nomination of Jonathan McKernan to lead the Consumer Financial Protection Bureau. In a party-line vote of 13 to 11, McKernan was approved by the Republican-led panel, clearing the way for his eventual consideration by the full Senate to lead the agency, which the Trump administration has aggressively moved to curtail.
