Mckernan plans to ‘carry out the closure of the desk’
If McKernan continues with the plan, it would fulfill a mission set out in Project 2025 And achieve the long-worked purpose of the Trump administration to be effectively established by the agency.
CNBC First reported the story.
The CFPB has been in a state of chaos since President Donald Trump fired the then director of the Rohit Chopra agency at the beginning of February.
Since then, the office has had two acting directors – Treasury Secretary Scott Bessent and Project 2025 Architect Russel Vought – and McKernan fulfillment hearings are underway. Mark Calabria, the former director of the Federal Housing Financing Office (FHFA), has also played an interim role at CFPB as part of its larger post on the Office of Management and Budget.
In the meantime, the on-again, off-again mass treatments, steep budget reductions and the access of Elon Musk have led to a whole series of lawsuits against not only the CFPB, but Trump, the cabinet secretaries of his administration and most, most, most, if not all federal government departments.
And just like in other departments, the CFPB has had to reduce a number of dismissals. An e -mail obtained by Bloomberg Law On Thursday the Personnel Management Office (Opm) Send the CFPB to restore veterans who have been fired.
Even this week there has been a flurry of activity at the CFPB. The office dropped lawsuits that have been a thorn in the side of the real estate sector, one of which is against it Rocket Mortgage and the Jason Mitchell Group About an alleged return schedule and another against Capital One For alleged cheating of consumers from interest payments on savings accounts.
During the hearing of McKernan on Thursday, the Senate Committee for Banking, Housing and Urban Affairs, Democrats in the panel grilled him on his plans for CFPB, in particular Elizabeth Warren (D-Mass.), Who played an important role in the creation of the CFPB in 2010.
‘Mr. Mckernan, you are nominated to run this agency where Elon Musk everyone told everyone to do nothing, “she said. “It feels a bit like you were set up to be the number 1 horse in the glue factory.”
Press whether he would continue the protection of the CFPB for seniors against financial abuse, he replied in the affirmative, but if the agency is completely closed, it is not clear how.
Documents in the NTEU rights case suggest that everything that remains of CFPB can be folded in another department such as the Federal Reserve, Treasury or the White house.
