Jonathan Pompan published “McKernan-Led CFPB May Lead to Decentralized Enforcement” in Law360. The following is an excerpt:
The confirmation process for Jonathan McKernan as the next director of the Consumer Financial Protection Bureau is moving forward, with his nomination clearing the U.S. Senate Banking Committee on March 6 and now awaiting a full Senate vote. While McKernan's testimony offered only limited insights into his policy priorities, his confirmation would mark a pivotal shift for the bureau—to the extent the bureau may still exist.
Given these uncertainties, financial services companies and their legal teams are beginning assessments of what a McKernan-led CFPB might look like, considering his commitment to follow the law set against the broader deregulatory efforts signaled by the administration.
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