McKernan to be nominated for Treasury position

President Donald Trump announced Friday that he plans to nominate current CFPB Director nominee Jonathan McKernan as Treasury Undersecretary for Domestic Finance. McKernan was nominated to serve as CFPB director in February, and the Senate Banking Committee advanced his nomination, but has not received a Senate floor vote.

According to the Treasury, “McKernan has been an advisor at the Treasury Department while awaiting Senate confirmation to lead the Bureau of Consumer Financial Protection. During that time, McKernan has become an integral part of the Secretary’s senior team. His continued service at Treasury will ensure that his experience and expertise are best put to advancing the President’s America First agenda.”

Office of Management and Budget Director Russ Vought is currently acting CFPB director, having been named to the position in February. Former Federal Housing Finance Agency Director Mark Calabria has a leading role in the bureau’s most recent restructuring.