President Trump will withdraw Jonathan McKernan’s nomination as CFPB Director, as he nominates him as the Treasury Department’s Undersecretary of Domestic Policy, the New York Times and Law360 reported.
When McKernan’s nomination was first announced on Friday, Trump Administration officials did not address McKernan’s CFPB nomination. However, the Times and Law360 later quoted White House officials as saying the nomination will be withdrawn.
Treasury Department officials said that McKernan has been serving as an advisor at the Treasury Department and had become an “integral part” of Secretary Scott Bessent’s team.
Administration officials have not named a new CFPB nominee. The Senate Banking Committee had endorsed McKernan’s nomination as director, but it had not gone to the Senate floor. He will require Senate confirmation to serve in his new position.
Office of Management and Budget Director Russell Vought has been serving as Acting CFPB director and has been particularly active in efforts to dismantle the bureau. Under the Federal Vacancies Reform Act, an acting officer may serve for no longer that 210 days after a nomination is rejected, returned to the administration or withdrawn. If a second nomination is then submitted and also rejected, withdrawn, or returned, the acting official can continue for an additional 210 days.