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    Common Dreams. To inform. To inspire. To ignite change for the common good.
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    Common DreamsTo inform. To inspire. To ignite change for the common good.

    jonathan mckernan

     Jonathan McKernan hearing

    'Alarming': Trump CFPB Drops Cases Against Companies Accused of Cheating Consumers

    "This sends a dangerous message to corporate America that financial fraud and abuse will go unchecked," said one critic.

    Jessica Corbett
    Feb 27, 2025

    Consumer advocates on Thursday slammed the Trump administration for dropping various enforcement actions against companies accused of activities that include ripping off savings account holders, illegally collecting on student loans, and engaging in an unlawful mortgage broker kickback scheme.

    The Consumer Financial Protection Bureau's notices of voluntary dismissal came as the U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing for Jonathan McKernan, President Donald Trump's pick to lead the CFPB—which Accountable.US executive director Tony Carrk has called "a gift to big banks and special interests."

    Keep ReadingShow Less
    News
    consumer financial protection bureau
    People attend a protest in support of the U.S. Consumer Financial Protection Bureau

    Trump's Pick to Lead Gutted Consumer Agency Is 'Gift to Big Banks': Watchdog

    Banks see Jonathan McKernan 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."

    Julia Conley
    Feb 12, 2025

    The government watchdog Accountable.US said Wednesday that Americans need look no further than comments from a top trade association for big banks to know that President Donald Trump's pick to lead the Consumer Financial Protection Bureau won't provide them with the financial help Trump promised during his campaign.

    The Consumer Bankers Association (CBA), which represents Wall Street banks including Citibank and Barclays, said that if former Federal Deposit Insurance Corporation (FDIC) board member Jonathan McKernan is confirmed, it looks forward to "working with Mr. McKernan to undo many of the most recent actions" by the CFPB when it was run by Rohit Chopra, an appointee of former President Joe Biden.

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    consumer financial protection bureau

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