DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/1532872
MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 10 March 2025 M O V E R S & S H A K E R S Movers & Shakers Government FDIC'S MCKERNAN NOMINATED AS CFPB DIRECTOR The Trump adminis- tration has nominated Jonathan McKernan, most recently a Director on the Board of the Federal Deposit Insurance Corpora- tion (FDIC), as next Director of the CFPB. Sworn in as a member of the FDIC's Board of Directors on January 5, 2023, McKernan previously was a Counsel to Ranking Member Pat Toomey on the staff of the Senate Committee on Banking, Housing, and Urban Affairs. He also has served as a Senior Counsel at the Federal Housing Finance Agency (FHFA), a Senior Policy Advisor at the Department of the Treasury, and a Senior Financial Policy Advisor to Sen. Bob Corker. Prior to his government service, McKernan was an attorney in private practice, focused on matters under the banking and consumer financial laws. From November 2023-May 2024, McKernan served as Co-Chairman of a Special Committee of the FDIC Board that oversaw an independent third-par- ty review of allegations of sexual harass- ment and professional misconduct at the FDIC, as well as issues relating to the FDIC's workplace culture. McKernan holds a BA and Master of Arts in economics from the University of Tennessee, and a JD with High Honors from Duke University's School of Law. The CFPB was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 in the wake of the financial crisis of 2007- 2008. The role of the CFPB is to review the practices of companies, banks, and lenders in the financial services industry and work to protect consumers from predatory practices. Authorized by Congress in 2010, the role of the CFPB is to reform predatory and decep- tive financial industry practices that policymakers believed led to a wave of mortgage defaults, and ultimately to the crisis and subsequent Great Recession. "MBA congratulates Jonathan McK- ernan on his nomination to serve as Di- rector of the CFPB," Mortgage Bankers Association (MBA) President and CEO Bob Broeksmit, CMB said. "His deep experience as a regulator, in private practice, and on Capitol Hill—coupled with his background working on hous- ing policy—make him a strong choice to lead the CFPB's new direction under the Trump administration. MBA looks forward to working with him and his staff to ensure that the agency operates within its statute to protect consumers in a manner that is transparent, fair, and supports competitive markets for finan- cial products, including mortgages." HOOD NAMED ACTING COMPTROLLER OF THE OCC The U.S. Department of the Treasury has announced the appointment of Rodney E. Hood as Acting Comptroller of the Currency (OCC). U.S. Secretary of the Treasury Scott Bessent designated Hood pursuant to his authority in 12 U.S.C.4. "The strong leadership and career experience of Rodney Hood will strengthen the OCC's efforts to ensure the safety and soundness of the banking system while also enhancing economic growth," Secretary Bessent said. The OCC is a bureau within the Department of the Treasury, and the Comptroller of the Currency is appoint- ed by the President with the advice and consent of the Senate. By statute (12 U.S.C. § 4), the Treasury Secretary is responsible for appointing up to four Deputy Comptrollers of the Currency and designating one as the First Deputy Comptroller. During a vacancy in the position of Comptroller, the First Dep- uty Comptroller possesses the powers and performs the duties of the Office of Comptroller. "I am grateful for the trust of Secre- tary Bessent and will work diligently to promote a regulatory environment that is effective without being excessive," Hood said. "I remain committed to a balanced framework—one that fosters innovation, expands financial inclusion, and ensures that all Americans have fair access to the financial services they need to thrive. I look forward to leading the dedicated career staff at the OCC, whose expertise and commitment are essential to maintaining a safe and sound banking system." Hood was previously confirmed by the U.S. Senate in 2005 and again in 2019 to serve on the National Credit Union Administration Board (NCUA). In 2019, President Donald J. Trump des- ignated him as Chairman of the NCUA Board, making Hood the first African American to lead a federal banking regulatory agency. While at the NCUA, Hood also served as a voting member of the Financial Stability Oversight Council (FSOC), as the NeighborWorks America Board Chairman, and as Vice Chair of the Federal Financial Institu- tions Examination Council (FFIEC). Prior to his public service, Hood served as Marketing Director and Group Sales Manager for the North Carolina Mutual Life Insurance Com- pany in Durham, North Carolina. He also served as National Director of the Emerging Markets Group for Wells