MBA Sends Letter to Senate Banking Committee on CFPB Director Nominee Jonathan McKernan

The Mortgage Bankers Association sent a letter to Senate Banking Committee leadership to express the real estate finance industry’s strong support for the nomination of Jonathan McKernan to be the next Director of the Consumer Financial Protection Bureau.

MBA praised how quickly the Senate Banking Committee scheduled the hearing, set for Thursday, and urges the committee to favorably report his nomination to the full Senate for a confirmation floor vote.

“The Dodd-Frank Act’s mortgage market provisions and its transfer of numerous rulemaking authorities to the Bureau inextricably tie critical functions in the housing finance market to the rules promulgated by the agency,” the letter reads. “Mr. McKernan’s deep regulatory experience at the FDIC, the Federal Housing Finance Agency and the Treasury Department, in private law practice, and as a former Senate staffer–coupled with his background working on housing policy–makes him a strong choice to lead the regulatory reforms necessary to lower compliance costs and pass those savings along to prospective homeowners and renters.”

To read the full letter, click here.

MBA also released a letter in support of the nomination of Bill Pulte to serve as the next Director of the Federal Housing Finance Agency (FHFA). The letter urged the Committee on Banking, Housing, and Urban Affairs to approve his nomination and send it to the Senate floor as quickly as possible. To read that letter, click here.

Pulte’s hearing is also scheduled for Thursday.