Big Banks Are The Winners With Trump’s CFPB Pick

Banks Hope That McKernan Will Undo Critical CFPB Rules That Lower Costs and Protect Consumers

Washington D.C. – After President Trump’s latest late night power grab in which 70 employees at the Consumer Financial Protection Bureau (CFPB) were fired, he also announced his intention to appoint Jonathan McKernan as CFPB Director. His number one cheerleader? The big banks. 

Here’s what the Consumer Bankers Association (CBA) had to say: 

“If confirmed, we look forward to working with Mr. McKernan to undo many of the most recent actions by the Chopra CFPB.” 

The actions the CBA seems to be so concerned about are the ones putting money back into the wallets of Americans, and protecting them from predatory bank practices. In fact, they’ve filed litigation against the CFPB for: 

• Protecting consumers against excessive and deceiving overdraft fees that cost Americans billions each year
• Capping most credit card late fees at $8 down from $30
• Expanding Unfair, Deceptive, or Abusive Acts or Practices Act (UDAAP), which protects consumers from discrimination

“McKernan is a gift to big banks and special interests that would like nothing more than to see the CFPB gutted,” said Accountable.US Executive Director Tony Carrk. “Banks see a McKernan CFPB as a rubber stamp for their interest in undoing the essential actions CFPB has taken to put more money in the pockets of consumers and protect them from predatory bank practices. By firing career CFPB employees, ceasing the agency’s operations, and nominating the big bank’s de facto choice for CFPB Director, Trump again reneges on his campaign promise to look out for working people and lower their costs – all in service of himself and his billionaire donors.”

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