Cfpb Nominee Assures Lawmakers He'll Follow the Law at Embattled Agency
The Consumer Financial Protection Bureau (CFPB) nominee, Jonathan McKernan, has assured lawmakers that he will "follow the law" amid efforts by the Trump administration to effectively dismantle the agency. Several senators told McKernan that the Trump administration no longer wanted the regulator created by Congress to exist. The CFPB was created in response to the 2008-2009 financial crisis and its mission is to oversee consumer finance at large financial institutions.
- The fact that McKernan emphasized his commitment to following the law may not be sufficient to restore public trust in an agency that has been subject to severe criticism from both Republicans and Democrats.
- How will the CFPB's role be perceived by consumers, particularly those who have been negatively impacted by predatory lending practices, if it is unable to effectively enforce consumer protection regulations?