U.S. Chamber Letter on the Nomination of Jonathan McKernan to be the Director of the CFPB

To the Members of the United States Senate:

            As the U.S. Senate considers the nomination of Jonathan McKernan to serve as the Director of the Consumer Financial Protection Bureau (CFPB), the U.S Chamber of Commerce offers the following observations. As demonstrated during his confirmation hearing, Mr. McKernan is a highly qualified candidate who is committed to pursuing policies that support responsible access to financial services. We urge quick consideration by the full Senate of Mr. McKernan’s nomination and look forward to working with him upon his confirmation. 

            In his confirmation hearing, Mr. McKernan emphasized the importance of a balanced regulatory approach, stating, "By statute, the CFPB is required to consider both the cost and benefits with its rules. The key is to base this on actual risks, ensuring a data-driven approach that considers evidence and unintended consequences." His commitment to this principle will be instrumental in ensuring consumers benefit from appropriate protections that enable competition and choice in the marketplace. 

Mr. McKernan’s leadership of the CFPB on issues such as limiting the compliance burden and privacy risks resulting from the CFPB’s “Small Business Data Collection Rule” (Section 1071) and amending its recently finalized “Open Banking Rule” (Section 1033) so that it protects consumers and fosters market competition, would promote responsible access to financial products that empower consumers to participate in our economy and drive growth.

            We look forward to working with the Senate and Mr. McKernan in pursuit of his vision to refocus the CFPB’s work on its core statutory responsibilities and regaining the public’s trust.

About the authors

Neil Bradley

Neil Bradley is executive vice president, chief policy officer, and head of strategic advocacy at the U.S. Chamber of Commerce. He has spent two decades working directly with congressional committee chairpersons and other high-ranking policymakers to achieve solutions.

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