On Tuesday, February 11th, President Trump nominated Jonathan McKernan as the new director of the Consumer Financial Protection Bureau (CFPB). McKernan has previously served as a board member of the FDIC and senior counsel of policy at FHFA. He also served as counsel for the Senate Committee on Banking, Housing, and Urban Affairs in 2021-2022. 

Russel Vought, Director of the White House Office of Management and Budget, is currently serving as acting director of the CFPB. Under Vought's appointment, most of the operations of the bureau have been suspended this week, with CFPB staff being told to work from home before then being directed to stop all bureau work on Monday. 

In the meantime, McKernan's nomination has been sent to the Senate for confirmation, where it is likely to be approved. 

While on the board of the FDIC, McKernan pushed for stronger oversight of large asset managers, a stance that won him some support from prior CFPB Director Rohit Chopra. 

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