On February 11, the President Trump nominated Jonathan McKernan to lead the CFPB. With extensive FDIC and Treasury experience, McKernan is known for cutting unnecessary regulations and promoting market innovation. Until his confirmation, Acting Director Russell Vought—who has already made significant staffing and contract cuts—will remain in charge. McKernan’s appointment is seen as part of a broader effort to reduce compliance costs and government overreach in financial markets.
The million dollar question is what does this change?
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