On May 9, the U.S. Department of the Treasury announced that President Trump intends to nominate Jonathan McKernan to serve as the Undersecretary of Domestic Finance. McKernan had been awaiting Senate confirmation to lead the CFPB, but the White House confirmed his nomination will be rescinded as the administration continues to pursue structural change to the Bureau.
As Undersecretary of Domestic Finance, McKernan would oversee federal fiscal policy, manage public debt, and coordinate regulatory initiatives involving financial institutions and markets. His reassignment leaves acting CFPB Director Russell Vought in charge of the Bureau until a new nominee is named.
Putting It Into Practice: McKernan’s reassignment leaves a big question mark on the Bureau’s future. While the Trump administration look to bring forth a new nominee? Or will Vought remain as Acting Director until its fate is decided by the courts. We will continue to monitor the situation for further developments.