Earlier today the Trump administration’s nominee to lead the Consumer Financial Protection Bureau (“CFPB” or “Bureau”), Jonathan McKernan, testified before the Senate Committee on Banking, Housing and Urban Affairs. McKernan was most recently a member of the Board of Directors of the Federal Deposit Insurance Corporation and has also worked in private practice, in Congress, and at the Federal Housing Finance Agency.
During the hearing, news broke that the CFPB had moved to dismiss a number of pending lawsuits with prejudice. Dismissing a case with prejudice is significant because it essentially prohibits the Bureau from filing the same claims against the defendant in the future. These developments follow other moves the agency made to reverse prior actions, including filing a motion to withdraw an amicus brief it submitted in a lawsuit shortly before Trump’s inauguration.
Continue Reading McKernan Testifies before Senate Committee amidst Rollback of CFPB Actions