CBA Statement on CFPB Director Nomination
WASHINGTON, D.C. – Consumer Bankers Association (CBA) President and CEO Lindsey Johnson issued the following statement on President Donald J. Trump’s announcement that he intends to nominate former Federal Deposit Insurance Corporation (FDIC) Board Member Jonathan McKernan to serve as his Director of the Consumer Financial Protection Bureau (CFPB):
“On behalf of America’s leading retail banks, we congratulate Jonathan McKernan on his nomination to serve as CFPB Director in the Trump Administration.
“Mr. McKernan’s experiences as a former FDIC Board Member, counsel to lawmakers, and attorney focused on consumer finance and banking highlight his qualifications to lead the Bureau at a critical time. We are confident Mr. McKernan understands the importance of working collaboratively with industry on behalf of the millions of consumers we both industry and government serve.
“If confirmed, we look forward to working with Mr. McKernan to undo many of the most recent actions by the Chopra CFPB that stand to harm millions of consumers, ensure the Bureau operates within its statutory authority, and to require it to fulfill its regulatory mission based on data and facts.
“We stand ready to work with the Trump Administration to enact commonsense reforms to restore credibility and durability to the CFPB, cut bureaucratic red tape, and unleash American innovation that will benefit all Americans for decades to come.”
Reforming the CFPB Into a Strong and Durable Regulator Americans Deserve
CBA recently released a new white paper – “Reforming the CFPB Into a Strong and Durable Regulator Americans Deserve” – outlining immediate and long-term actions the new Administration could act upon and, separately, legislation for the 119th Congress to prioritize to transform the Bureau to better serve American consumers. To read the key takeaways from the white paper, click HERE. To read the full white paper, click HERE.
The white paper follows the release of CBA’s Vision for America policy agenda released last Fall ahead of the 2024 election.
