response to a lawsuit filed by the National Treasury Employees<\/a> Union quotes a letter from Vought to the Federal Reserve stating the \u201cBureau\u2019s new leadership will run a substantially more streamlined and efficient bureau\u2026the predicate to running a more streamlined and efficient bureau is that there will continue to be a CFPB.\u201d<\/p>\n\n\n\nThe court filing also points out that President Donald Trump has nominated Jonathan McKernan to become the new CFPB director. The Senate Banking Committee will hold a hearing for McKernan\u2019s nomination at 10 a.m. Thursday, Feb. 27. McKernan has served as a board member for the FDIC.<\/p>\n\n\n\n
Ranking member of the committee, Senator Elizabeth Warren, sent a letter to McKernan ahead of the hearing asking questions about the future of the agency. The Dodd-Frank Act Wall Street Reform and Consumer Protection Act passed by Congress in 2010 created the CFPB. It was in reaction to the 2008 financial crisis.<\/p>\n\n\n\n
Vought\u2019s defense claims McKernan\u2019s nomination is inconsistent with the plaintiff\u2019s view of \u201ca coordinated campaign by the administration to eliminate the CFPB.\u201d<\/p>\n\n\n\n
Vought was appointed as the acting director Feb. 7 and sent a letter to the Federal Reserve stating the CFPB would not be requesting funds for the third quarter of the fiscal year. He then sent an email to staff to pause activities.<\/p>\n","protected":false},"excerpt":{"rendered":"The Consumer Financial Protection Bureau will not be eliminated, according to court documents filed on behalf of the…\n","protected":false},"author":1,"featured_media":4850,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"","csco_appearance_grid":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[39,3],"tags":[],"class_list":{"0":"post-5635","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-compliance","8":"category-industry","9":"cs-entry","10":"cs-video-wrap"},"_links":{"self":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts\/5635","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/comments?post=5635"}],"version-history":[{"count":0,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts\/5635\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/media\/4850"}],"wp:attachment":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/media?parent=5635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/categories?post=5635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/tags?post=5635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}