Consumer Financial Protection Bureau Legal Cases
The Consumer Financial Protection Bureau dropped five major legal cases, including one against Capital One, under the Biden administration. The agency has faced turmoil, with staff fired and work halted. President Trump's nominee to lead the agency, Jonathan McKernan, testified before the Senate Banking Committee. McKernan aims to refocus the agency's mission and reinstate accountability to elected officials.
Key Points
- CFPB dropped lawsuits against Capital One, Rocket Homes, Pennsylvania Higher Education Assistance Agency, Vanderbilt Mortgage and Finance, and Heights Finance Holding Company
- Jonathan McKernan testified before the Senate Banking Committee about refocusing the CFPB's mission
- CFPB faced turmoil with staff firings and work stoppage
Pros
- Refocusing the CFPB's mission
- Reinstating accountability to elected officials
Cons
- Dropping major legal cases against financial institutions