The Consumer Financial Protection Bureau (CFPB), which is undergoing significant changes under the Trump administration, has rescinded 67 guidance documents issued since 2011, including several that affect the mortgage industry.
While awaiting Senate confirmation to lead the Consumer Financial Protection Bureau (CFPB), Jonathan McKernan was nominated by President Donald Trump for a key role at the U.S. Department of the Treasury, according to Treasury Secretary Scott Bessent.
According to Law360, a spokesperson for the White House later confirmed that McKernan’s nomination with the CFPB will not proceed.
As employees of the Consumer Financial Protection Bureau (CFPB) sit in home offices awaiting news of their fate, the enforcement landscape has already shifted to state regulators. And if Craig Ungaro’s experience is any indication, the dynamic will pose a very different challenge for independent mortgage banks.
The nomination of Jonathan McKernan to lead the besieged Consumer Financial Protection Bureau (CFPB) remains uncertain. While his nomination was passed out of the Senate Banking Committee nearly two months ago, it has remained on the executive calendar of the Senate without being scheduled for a vote.
Mark McArdle, who left the Consumer Finance Protection Bureau (CFPB) in February, will lead regulatory and public policy efforts at Newrez, the multichannel mortgage lender owned by Rithm Capital.