{"id":1051731,"date":"2025-02-27T12:30:00","date_gmt":"2025-02-27T17:30:00","guid":{"rendered":"https:\/\/democrats.org\/?p=1051731"},"modified":"2025-02-27T12:18:41","modified_gmt":"2025-02-27T17:18:41","slug":"after-the-cfpb-put-19-7b-back-in-americans-pockets-trump-pushes-jonathan-mckernan-to-gut-it","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/after-the-cfpb-put-19-7b-back-in-americans-pockets-trump-pushes-jonathan-mckernan-to-gut-it\/","title":{"rendered":"After The CFPB Put $19.7B Back in Americans\u2019 Pockets, Trump Pushes Jonathan McKernan to Gut It\u00a0"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

In response to the confirmation hearing of Trump\u2019s nominee for Director of the Consumer Financial Protection Bureau Jonathan McKernan, <\/em>DNC Rapid Response Director Alex Floyd released the following statement:<\/em><\/strong><\/p>\n\n\n\n

\u201cThe CFPB has put billions of dollars back into the pockets of Americans who were scammed and cheated by predatory fraudsters \u2013 the same ones Trump is stacking his Cabinet with. Trump\u2019s CFPB pick Jonathan McKernan will have to explain why he\u2019s pushing Trump\u2019s plans to let crooks off the hook and gut an agency that\u2019s put nearly $20 billion back in the pockets of working families.\u201d <\/p>\n\n\n\n

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. <\/strong><\/p>\n\n\n\n

New York Times<\/a>: \u201cPresident Trump on Tuesday named<\/strong> two nominees to lead top financial regulators: Jonathan McKernan for director of the Consumer Financial Protection Bureau<\/strong>\u201d <\/p>\n\n\n\n

Bloomberg News<\/a>: \u201cVought is preparing to fire \u2018over 95% of the Bureau\u2019s employees.\u2019<\/strong> \u2026<\/p>\n\n\n\n

\u201cThe career employees were told they were being fired to comply with President Donald Trump\u2019s Feb. 11 \u201cworkforce optimization initiative\u201d executive order,<\/strong> according to a termination letter obtained by Bloomberg Law.\u201d <\/p>\n\n\n\n

CNN<\/a>: \u201cConsumer watchdog ordered to stop fighting financial abuse and to work from home as HQ temporarily shuts down\u201d<\/strong><\/p>\n\n\n\n

\u201cVought had sent an email Saturday night ordering all employees at the consumer watchdog to stop virtually all work <\/strong>\u2014 including fighting financial abuse.<\/p>\n\n\n\n

\u201c\u2018Effective immediately, unless expressly approved by the Acting Director or required by law, all employees, contractors and other personnel of the bureau shall\u2026cease all supervision and examination activity,\u2019 Vought wrote<\/strong> in the email, a copy of which was viewed by CNN.\u201d<\/p>\n\n\n\n

Lake Partners Research<\/a>: \u201c[N]early 4 in 5 say they favor the agency (79%).<\/strong><\/p>\n\n\n\n

\u201cVoters 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<\/strong>. Intensity among Democrats is particularly high \u2013 a majority strongly favor the agency (51%).\u201d<\/p>\n\n\n\n

Consumer Financial Protection Bureau<\/a>: \u201cAs of January 30, 2025, CFPB enforcement actions have resulted in:<\/strong><\/p>\n\n\n\n

\u201c$19.7 billion in consumer relief <\/strong>\u2026 195 million people eligible for relief \u2026 [and] $5 billion in civil money penalties\u201d <\/p>\n\n\n\n

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.<\/strong><\/p>\n\n\n\n

Politico<\/a>: \u201cWells Fargo Slammed With $3.7B Penalty, In Record CFPB Settlement\u201d<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cBank 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.\u201d <\/strong><\/p>\n\n\n\n

Consumer Financial Protection Bureau<\/a>: \u201c[T]he Consumer Financial Protection Bureau (CFPB) [ordered] Regions Bank to pay<\/strong> $50 million into the CFPB\u2019s victims relief fund<\/strong> and to refund<\/strong> at least $141 million to customers harmed by its illegal surprise overdraft fees.<\/strong>\u201d<\/p>\n\n\n\n

New York Times<\/a>: \u201cFor years, Wells Fargo employees secretly issued credit cards without a customer\u2019s consent. <\/strong>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.<\/p>\n\n\n\n

\u201cOn Thursday, these illegal banking practices cost Wells Fargo $185 million in fines, including a $100 million penalty from the Consumer Financial Protection Bureau<\/strong>.\u201d<\/p>\n\n\n\n

Consumer Financial Protection Bureau<\/a>: \u201cCFPB Announces Return of $1.8 Billion in Illegal Junk Fees to 4.3 Million Americans Harmed in Massive Credit Repair Scheme\u201d<\/strong><\/p>\n\n\n\n

Military Times<\/a>: \u201cTroops will get part of a $5M settlement in alleged title loan scam\u201d<\/strong><\/p>\n\n\n\n

New York Times<\/a>: \u201cThe Consumer Financial Protection Bureau<\/strong> in 2016 accused Navy Federal employees of falsely threatening to alert service members\u2019 commanders about past-due debts<\/strong>. That year, Navy Federal paid $23 million in compensation to consumers in addition to a $5.5 million civil penalty.<\/strong>\u201d<\/p>\n\n\n\n

Consumer Financial Protection Bureau<\/a>: \u201cCFPB Bans Navient from Federal Student Loan Servicing and Orders the Company to Pay $120 Million for Wide-Ranging Student Lending Failures\u201d <\/strong><\/p>\n\n\n\n

Consumer Financial Protection Bureau<\/a>: \u201cCFPB has allocated $11 million for consumers harmed by illegal student loan debt relief operation\u201d<\/p>\n\n\n\n

Consumer Financial Protection Bureau<\/a>: \u201cToday 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<\/strong>. The joint CFPB and Department of Justice (DOJ) auto-lending enforcement action requires Fifth Third <\/strong>to <\/strong>change its pricing and compensation system to minimize the risks of discrimination, and to pay $18 million to harmed African-American and Hispanic borrowers.<\/strong>\u201d <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

In response to the confirmation hearing of Trump\u2019s nominee for Director of the Consumer Financial Protection Bureau Jonathan McKernan, DNC Rapid Response Director Alex Floyd released the following statement: \u201cThe CFPB has put billions of dollars back into the pockets of Americans who were scammed and cheated by predatory fraudsters \u2013 the same ones Trump […]<\/p>\n","protected":false},"author":292,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1051731","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nAfter The CFPB Put $19.7B Back in Americans\u2019 Pockets, Trump Pushes Jonathan McKernan to Gut It\u00a0 - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/after-the-cfpb-put-19-7b-back-in-americans-pockets-trump-pushes-jonathan-mckernan-to-gut-it\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2025-02-27T17:30:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png?w=1024\" \/>\n<meta name=\"author\" content=\"Adrianna Tomasello\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adrianna Tomasello\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/after-the-cfpb-put-19-7b-back-in-americans-pockets-trump-pushes-jonathan-mckernan-to-gut-it\/\",\"url\":\"https:\/\/democrats.org\/news\/after-the-cfpb-put-19-7b-back-in-americans-pockets-trump-pushes-jonathan-mckernan-to-gut-it\/\",\"name\":\"After The CFPB Put $19.7B Back in Americans\u2019 Pockets, Trump Pushes Jonathan McKernan to Gut It\u00a0 - 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