CFPB nominated McKernan says he will protect older Americans against financial abuse
McKernan indicated various differences with its predecessor, including his philosophy of enforcement and interpretations of orders from the current acting director Russell Vought. But one agreement he had with a democratic legislator was related to older Americans.
Senator Catherine Cortez Masto (D-Nev.) Asked if McKernan would maintain the CFPB office that strives to protect older Americans against financial damage.
“Unfortunately we are in second place in financial fraud in Nevada and a high percentage of that fraud are our seniors,” said Cortez Masto. “And I know that I am worried about the CFPB that actually closes the office of financial protection for older Americans.”
She asked if McKernan would commit to “restore that office” and to ensure that it is “adequately staffed and the legislative, regulatory and reporting requirements of the law meets so that we can protect older Americans.”
McKernan said it would be his priority, not only because of the unique risks that older Americans are confronted with, but because that office is mandatory by the law.
“The unique risk with older Americans on the side of the consumer as they get older, they are more likely to collect medical debts that can subject them to aggressive collection tactics,” said McKernan.
“There are of course some problems with cognitive decline that make it harder to solve their problems,” he added. “And so it is important that the CFPB continues to check these problems, continue to control and coordinate enforcement and supervision of these purposes with the other agencies.”
McKernan said he will honor the mandate for the office to operate, but he also bypassed a question about potential guidelines to dismiss CFPB staff employees if someone came from the White House.
“Senator, we will ensure that we perform that office his legal function,” he said.
