Trump & Musk: Cashing In, Cutting You Out
DOGE Cuts Are Ravaging Jobs in Communities Across the Country
Hearing Highlights: Conflicted Medicare Privatization Advocate Dr. Oz Doesn’t Disavow Trump-Republican Budget That Guts Health Care for Seniors, Most Vulnerable
Report: Top Trump Officials Tied To Billions In Crypto Investments May Have Benefited from Administration’s ‘Strategic Bitcoin Reserve’ Rollout
SHOT/CHASER: Elon Musk Pumps $100 Million to Trump After White House Tesla Meeting
Site Menu

During Hearing, Trump’s CFPB Abruptly Dropped Lawsuits Accusing Capital One, Others of Cheating Consumers out of More Than $2 billion

WASHINGTON, DC — During his nomination hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, President Trump’s choice to lead the Consumer Financial Protection Bureau (CFPB), Jonathan McKernan—an ally of the banking lobby—faced questioning from Senate Banking Democrats like Ranking Member Elizabeth Warren (D-MA) and Senator Mark Warner (D-VA) who were quick to call out President Trump and Elon Musk’s ongoing attacks against the CFPB. 

 

Perhaps most alarming? During the hearing, Trump’s CFPB dropped cases involving Capital One, Rocket Homes Real Estate, a subsidiary of Rocket Cos. and a loan servicer named Pennsylvania Higher Education Assistance Agency quietly during the hearing – accused of cheating consumers out of more than $2 billion. All despite promises from McKernan that he will review all enforcements prior to dismissing any lawsuits. 

 

HEARING HIGHLIGHTS

 

  • Big banks, con men, and billionaires like Elon Musk want the CFPB gone—because it stops them from ripping people off. Since its founding, the CFPB has returned over $21 BILLION to consumers. @warren.senate.gov isn’t having it: Congress created it, and no one—not Musk, not Trump—can shut it down. [FULL CLIP]
  • @markwarner.bsky.social: “$20 billion back to consumers—good or bad?” Jonathan McKernan: [Dodges the question] If McKernan can’t even admit the CFPB has helped millions of Americans, why should he be trusted to lead it? Trump and his banking lobby allies know exactly why they picked him. [FULL CLIP] 
  • Under Donald Trump, the CFPB is already dropping lawsuits against banks that scammed Americans out of billions. When pressed by @smith.senate.gov, McKernan won’t say who’s calling the shots—because it’s probably not him. It’s Elon Musk, OMB Director Vought, and their billionaire allies. [FULL CLIP] 

McKernan’s testimony comes amid reports over Trump and Musk’s personal financial interests in undermining the CFPB to further enrich themselves at the expense of millions of Americans. 

A new review from government watchdog Accountable.US found that McKernan has a history of inconsistent views and an anti-consumer approach to regulation. If confirmed, McKernan is expected to have a “light” regulatory touch, much to the delight of America’s biggest banks and their industry groups. 

back to top