In response to the confirmation hearing of Trump’s nominee for Director of the Consumer Financial Protection Bureau Jonathan McKernan, DNC Rapid Response Director Alex Floyd released the following statement:

“The CFPB has put billions of dollars back into the pockets of Americans who were scammed and cheated by predatory fraudsters – the same ones Trump is stacking his Cabinet with. Trump’s CFPB pick Jonathan McKernan will have to explain why he’s pushing Trump’s plans to let crooks off the hook and gut an agency that’s put nearly $20 billion back in the pockets of working families.” 

TODAY: After moving to fire critical staff and halting all law enforcement from the agency, Trump tapped Jonathan McKernan to help him gut the Consumer Financial Protection Bureau, an extremely popular agency that has returned $19.7 billion to Americans. 

New York Times: “President Trump on Tuesday named two nominees to lead top financial regulators: Jonathan McKernan for director of the Consumer Financial Protection Bureau” 

Bloomberg News: “Vought is preparing to fire ‘over 95% of the Bureau’s employees.’ …

“The career employees were told they were being fired to comply with President Donald Trump’s Feb. 11 “workforce optimization initiative” executive order, according to a termination letter obtained by Bloomberg Law.” 

CNN: “Consumer watchdog ordered to stop fighting financial abuse and to work from home as HQ temporarily shuts down”

“Vought had sent an email Saturday night ordering all employees at the consumer watchdog to stop virtually all work — including fighting financial abuse.

“‘Effective immediately, unless expressly approved by the Acting Director or required by law, all employees, contractors and other personnel of the bureau shall…cease all supervision and examination activity,’ Vought wrote in the email, a copy of which was viewed by CNN.”

Lake Partners Research: “[N]early 4 in 5 say they favor the agency (79%).

“Voters are overwhelmingly supportive across party lines. Two-thirds of independents (64%), three quarters of Republicans (75%), and over eight in ten Democrats (86%) support the CFPB. Intensity among Democrats is particularly high – a majority strongly favor the agency (51%).”

Consumer Financial Protection Bureau: “As of January 30, 2025, CFPB enforcement actions have resulted in:

“$19.7 billion in consumer relief … 195 million people eligible for relief … [and] $5 billion in civil money penalties” 

The CFPB has put billions back in the pockets of working families, veterans, and students with over a decade-long track record of successfully holding predatory financial institutions accountable for fraud, scams, and discrimination.

Politico: “Wells Fargo Slammed With $3.7B Penalty, In Record CFPB Settlement”

Washington Post: “Bank of America agreed Wednesday to pay nearly $800 million in penalties for deceiving millions of customers into buying costly and unneeded services when they signed up for credit cards.” 

Consumer Financial Protection Bureau: “[T]he Consumer Financial Protection Bureau (CFPB) [ordered] Regions Bank to pay $50 million into the CFPB’s victims relief fund and to refund at least $141 million to customers harmed by its illegal surprise overdraft fees.”

New York Times: “For years, Wells Fargo employees secretly issued credit cards without a customer’s consent. They created fake email accounts to sign up customers for online banking services. They set up sham accounts that customers learned about only after they started accumulating fees.

“On Thursday, these illegal banking practices cost Wells Fargo $185 million in fines, including a $100 million penalty from the Consumer Financial Protection Bureau.”

Consumer Financial Protection Bureau: “CFPB Announces Return of $1.8 Billion in Illegal Junk Fees to 4.3 Million Americans Harmed in Massive Credit Repair Scheme”

Military Times: “Troops will get part of a $5M settlement in alleged title loan scam”

New York Times: “The Consumer Financial Protection Bureau in 2016 accused Navy Federal employees of falsely threatening to alert service members’ commanders about past-due debts. That year, Navy Federal paid $23 million in compensation to consumers in addition to a $5.5 million civil penalty.”

Consumer Financial Protection Bureau: “CFPB Bans Navient from Federal Student Loan Servicing and Orders the Company to Pay $120 Million for Wide-Ranging Student Lending Failures” 

Consumer Financial Protection Bureau: “CFPB has allocated $11 million for consumers harmed by illegal student loan debt relief operation”

Consumer Financial Protection Bureau: “Today the Consumer Financial Protection Bureau (CFPB) announced two separate actions against Fifth Third Bank, for discriminatory auto loan pricing and for illegal credit card practices. The joint CFPB and Department of Justice (DOJ) auto-lending enforcement action requires Fifth Third to change its pricing and compensation system to minimize the risks of discrimination, and to pay $18 million to harmed African-American and Hispanic borrowers.”