President Trump sent more than 60 nominations to the U.S. Senate on Wednesday for confirmation to lead regulatory agencies, serve as foreign ambassadors and more. One nomination was Jonathan McKernan to be director of the Consumer Financial Protection Bureau for a term of five years.

Upon confirmation, McKernan will be the fourth CFPB director since Trump was inaugurated for his second term in the White House on Jan. 20.

Most recently, McKernan served a little more than a year on the board of directors for the Federal Deposit Insurance Corp. (FDIC). He also previously was a counsel to Sen. Pat Toomey on the ranking member’s staff of the Senate Banking Committee.

McKernan also has served as a senior counsel at the Federal Housing Finance Agency, a senior policy advisor at the Department of the Treasury, and a senior financial policy advisor to Sen. Bob Corker, who represented the nominee’s home state of Tennessee.

Trump’s recommendation drew immediate positive feedback from the industry, including the American Financial Services Association.

“AFSA congratulates Jonathan McKernan, who was nominated by President Trump to serve as the director of the Consumer Financial Protection Bureau,” AFSA said in a statement on its website. “We look forward to working with Mr. McKernan in charting a new path for the CFPB for consumers and the consumer credit industry.”

Organizations outside of auto finance also applauded the nomination, including the Community Home Lenders of America (CHLA).

“CHLA commends the nomination of Jonathan McKernan to be director of the CFPB,” the organization said in a statement. “He brings a wealth of experience as a financial regulator, and we are confident he can make the fundamental changes to the CFPB that are needed to streamline regulation of smaller IMBs, which is critical to supporting access to mortgage credit.”

Rohit Chopra served at CFPB director during the Biden administration and remained in the post until the end of January. Then, Treasury Secretary Scott Bessent became acting director via a designation by Trump.

But Bessent was in that position only a couple of days as another Trump action made Russell Vought, the head of the Office of Management and Budget, the new acting director of CFPB.

Vought immediately halted bureau activities, trigging a lawsuit filed Sunday by the National Treasury Employees Union.

Perhaps once McKernan gains Senate confirmation, things will settle at the CFPB, which might be a positive development for auto finance and other parts of financial services.

Rob Nichols is president and CEO of the American Bankers Association.

“We also congratulate Jonathan McKernan on his nomination to serve as the next director of the Consumer Financial Protection Bureau,” Nichols said in a statement. “His experience at the FDIC, FHFA, Treasury and on the Hill make him an excellent choice to lead the bureau in a new direction.

“While our members share the CFPB’s mission to protect consumers, it’s time for the bureau to operate within the statutory guardrails established by Congress, pursue policies that actually help Americans looking for financial products and services, and promote responsible innovation. We are hopeful that McKernan’s nomination marks an important turning point for the bureau,” Nichols went on to say.