What Direction Will McKernan Take Leading the CFPB?

Financial Services attorney Eamonn Moran was quoted in an American Banker article discussing the challenges faced by Jonathan McKernan as he takes the helm of the Consumer Financial Protection Bureau (CFPB). He noted McKernan's past crisis management experience while at the Federal Deposit Insurance Corporation (FDIC), emphasizing that his leadership will be crucial in restoring morale and stability within the agency. Additionally, Mr. Moran highlighted McKernan's interest in a balanced approach to cost-benefit analysis and greater clarity in financial technology (FinTech)-related guidance, which could shift the bureau's overall focus.

"Morale at the CFPB is very low, and people are going to look to him as the leader to provide a reset," he said.

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