Senators grill Trump’s CFPB director pick: You are 'on the Titanic, good luck’

cnbc.com:

President Donald Trump's pick to lead the Consumer Financial Protection Bureau on Thursday withstood grilling from Democrat senators who repeatedly asked him to confirm that he would uphold his legal obligations to run the agency.

Pressed by senators including Elizabeth Warren of Massachusetts, Jonathan McKernan, a former Federal Deposit Insurance Corporation board member, told lawmakers he would «fully and faithfully» enforce laws related to the CFPB's mission.

«My legal career started just as the 2008 financial crisis was beginning,» McKernan said. «Watching that crisis unfold left me with an enduring conviction that we must have a financial regulatory system that works for everyday Americans. Consumer protection is critical to that end.»

Still, McKernan made it clear that he disagreed with how predecessor Rohit Chopra ran the agency. In opening remarks, he said that the CFPB «acted in a politicized manner,» exceeded its legal authority, hurt consumers by inadvertently raising prices and suffered from a «crisis of legitimacy.»

«This must be corrected if the CFPB is to reliably do what it's supposed to do: look out for the American consumer,» said McKernan, a former corporate banking lawyer and Senate aide.

Since acting CFPB Director Russell Vought took over this month, the agency has shuttered its Washington headquarters, fired about 200 employees and told those who remain to stop nearly all work. Those moves, along with an allegation from a CFPB union that Vought intends to fire more than 95% of the agency's staff, has spurred fears that the agency faces extinction.

Earlier Thursday, the CFPB dismissed at least four enforcement lawsuits, including actions against Capital One and a Berkshire Hathaway unit.

Warren