On May 9, Treasury Secretary Scott Bessent announced President Trump’s intent to nominate Jonathan McKernan to serve as the Undersecretary of Domestic Finance at the Department of the Treasury. As previously covered by InfoBytes, McKernan was initially slated to lead the CFPB (covered by this Orrick Insight here) and had received approval from the Senate committee to advance his nomination to a vote (prior testimony coverage here; vote coverage here). It was reported that McKernan’s nomination to the Treasury position could leave the CFPB without a new director nominee, with the Bureau remaining under the leadership of Acting Director Russell Vought.

Visit our resource center, CFPB Pause: Where From Here?, to stay on top of the latest and what it may mean for the federal and state regulatory and enforcement landscape.