Future of CFPB in Limbo as Nominee McKernan Heads to Treasury

The fate of the top US consumer financial watchdog is once again uncertain after President Donald Trump sent his pick to lead the agency to the Treasury Department instead.

Jonathan McKernan will be nominated to serve as Trump’s undersecretary of domestic finance at the Treasury, according to a statement Friday. McKernan had been destined to lead the Consumer Financial Protection Bureau after Trump fired former director Rohit Chopra earlier this year. But a White House official said Friday that McKernan’s nomination to run that agency is being withdrawn.

The fresh absence of a CFPB nominee casts further doubt over ...