Overview

• The Senate Banking Committee approved Jonathan McKernan's nomination to lead the Consumer Financial Protection Bureau (CFPB) in a 13-11 vote along party lines.
• McKernan, a former Federal Deposit Insurance Corporation board member, pledged to enforce consumer financial laws but criticized the CFPB's regulatory approach as overreaching.
• The Trump administration has significantly scaled back CFPB operations, including dismissing employees, pausing regulations, and attempting to cancel its headquarters lease.
• Democrats, led by Sen. Elizabeth Warren, raised concerns over McKernan's independence and the administration's stated goal of dismantling the CFPB.
• McKernan's nomination now heads to the full Senate, where confirmation is expected given Republican support.