American Banker quoted Jonathan Pompan on the course the Consumer Financial Protection Bureau (CFPB) will take under the direction of Jonathan McKernan. According to the article, he has been tapped by the White House to lead the bureau, though the administration had initially targeted it for dismantling.
“If McKernan's nomination signals an intent to maintain a functioning agency, the lingering question is: to what end? If the plan is outright dismantling, that's already in progress,” said Pompan. “The laws are still on the books, and enforcement continues in other arenas, which could usher in differing interpretations and inconsistent compliance expectations across jurisdictions.”
American Banker asserted that McKernan will bring expertise in key areas of banking and is seen as a serious policy professional with a populist bent. However, they also wrote that, “to accomplish the Trump administration's policy goals, whatever they may be, McKernan will need knowledgeable staffers to rescind existing rules.”
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