The Trump administration has withdrawn Jonathan McKernan’s nomination to become the director of the Consumer Financial Protection Bureau (CFPB) and has nominated him to become undersecretary of domestic finance at the Department of the Treasury.
McKernan was confirmed for the CFPB position by the Senate Banking Committee in March, but his nomination had yet to be put before the full Senate for a vote by Majority Leader John Thune. Russ Vought, director of the Office of Management and Budget, will continue to serve as the CFPB’s acting director while the administration seeks a new nominee.
McKernan stepped down from the board of directors of the Federal Deposit Insurance Corporation to be considered for the CFPB directorship. McKernan was previously a counsel to Sen. Pat Toomey (R-PA) on the staff of the Senate Committee on Banking, Housing, and Urban Affairs. He also served as a senior counsel at the Federal Housing Finance Agency, a senior policy advisor at the Department of the Treasury, and a senior financial policy advisor to Sen. Bob Corker (R-TN). Prior to his government service, McKernan was an attorney in private practice.
