The Consumer Financial Protection Bureau (CFPB) has been in turmoil since the dismissal of its previous director, Rohit Chopra, by President Trump. McKernan's nomination has sparked intense scrutiny, especially from Senate Democrats like Elizabeth Warren, over his plans for the agency amidst ongoing chaos, including significant personnel changes and lawsuits. Despite the turmoil, recent developments include the abandonment of lawsuits against real estate firms which indicates a shift in the agency's focus under new interim leadership and in light of Project 2025 goals, aiming to diminish the CFPB's influence.
Meanwhile, the on-again, off-again mass firings, steep budget cuts and Elon Musk's access to its data have led to a bevy of lawsuits against not only the CFPB, but Trump, his administration's cabinet secretaries and most if not all of the departments of the federal government.
In McKernan's hearing on Thursday, the Senate Committee on Banking, Housing and Urban Affairs, Democrats on the panel grilled him on his plans for CFPB, particularly Elizabeth Warren (D-Mass.), who was instrumental in the CFPB's creation in 2010.
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