McKernan, Pulte vow to streamline CFPB, FHFA activities

The Consumer Financial Protection Bureau will center its regulation on real risks to consumers and focus its enforcement on bad actors, CFPB director nominee Jonathan McKernan told Congress.

Details: At a Senate Banking Committee nomination hearing, McKernan said the CFPB has gotten in the way of its own mission and acted in a politicized manner. “This must be corrected if the CFPB is to reliably do what it’s supposed to do—look out for the American consumer,” he said.

FHFA: William Pulte, nominated to lead the Federal Housing Finance Agency, separately said the FHFA plays a critical role in ensuring the soundness of housing finance, adding that he “will work to eliminate waste, fraud, and abuse wherever it exists.” Pulte said he will be “laser focused” on ensuring Fannie Mae and Freddie Mac operate safely and soundly.

ICBA Support: ICBA offered support for the confirmation of McKernan and Pulte in letters to Senate Banking Committee leaders ahead of the hearing.