From CNBC: 2025-02-27 16:20:41

Jonathan McKernan, nominee to lead the Consumer Financial Protection Bureau, testified before the Senate Banking Committee, promising to enforce laws for consumer protection. He criticized predecessor Chopra’s leadership style, pledging to correct the agency’s course. Concerns arise over agency’s future after recent closures and layoffs, raising fears of extinction.

Senator Elizabeth Warren grilled McKernan on upholding CFPB statutory requirements, questioning his effectiveness given Trump administration’s alleged plans to eliminate the bureau. McKernan assured compliance with the law, pledging to “right-size” and “refocus” the agency if confirmed. Senator Jack Reed expressed doubts about McKernan’s support and compared his situation to the Titanic.

Read more: Senators grill Trump CFPB pick, Jonathan McKernan: ‘Good luck’