Treasury Secretary Scott Bessent announced May 9 that President Trump intends to nominate Jonathan McKernan, his nominee to head the CFPB, as the Undersecretary of Domestic Finance at Treasury.
The Senate Banking Committee approved McKernan’s nomination to head the CFPB on March 6, but it has not gone to the Senate floor. It is unclear whether the Trump Administration will withdraw McKernan’s nomination for that position.
There has been a great deal of activity at the CFPB during the past several months, but McKernan has not been mentioned as being a part of that activity.
Instead, McKernan has been serving as an advisor at the Treasury Department while awaiting confirmation.
“McKernan has become an integral part of the Secretary’s senior team,” Treasury Department officials said, in a statement. “His continued service at Treasury will ensure that his experience and expertise are best put to advancing the President’s America First agenda.”
McKernan previously served on the board of directors of the FDIC, joining the board in January, 2023. McKernan stepped down as a member of the FDIC board in February 2025 after President Trump nominated Rodney Hood as a member.
He also was Senior Counsel at the Federal Housing Finance Agency and a Senior Policy Advisor at the Treasury Department. McKernan also was a Senior Financial Policy Advisor to then-Senator Bob Corker, R-Tenn.