President Trump nominated Jonathan McKernan as the new director of the CFPB amid an operational shutdown of the bureau ordered by acting directors. McKernan, who has a strong background in financial policy and previously served at the FDIC and U.S. Treasury, takes charge following significant funding cuts and curtailment of operations. Acting Director Russell Vought's order has left the bureau unable to carry out its usual functions for the time being, raising questions about the agency's future under McKernan's leadership as he awaits Senate confirmation.
McKernan's nomination to lead the CFPB follows a tumultuous week where the bureau has effectively been shut down by acting directors amidst significant funding cuts.
Acting Director Vought has significantly curbed the CFPB's operations, ordering staff to halt supervision, investigations, and enforcement activities due to funding cuts.
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