White House nominates McKernan, Gould for financial posts

The White House has nominated Jonathan McKernan, a former FDIC board member, as the next director of the Consumer Financial Protection Bureau (CFPB), amidst significant agency changes following disruptions during the Trump administration. McKernan's nomination is part of a broader slate that includes Jonathan Gould for the Office of the Comptroller of the Currency and Brian Quintenz for the Commodity Futures Trading Commission. The CFPB recently terminated about 70 probationary employees, citing a misalignment of skills with the agency's needs. Under the Biden administration, McKernan, known for his regulatory expertise and collaborative approach, has previously dealt with contentious policy issues such as capital requirements for banks. The Senate Banking Committee will hold hearings on these nominations, which require confirmation. The CFPB has faced challenges, including operational shutdowns and funding cuts imposed by acting directors in the wake of the Trump administration's policies.