President Donald Trump is nominating Jonathan McKernan to be the next director of the Consumer Financial Protection Bureau after firing Rohit Chopra.

A source familiar with the matter confirmed with the Washington Examiner Trump’s decision to nominate McKernan, who previously served as a Republican director on the Federal Deposit Insurance Corporation and stepped down on Monday.

The changes come as Trump and his ally Elon Musk look to dramatically scale down the CFPB, which has long been a target of Republicans and big banks.

Office of Management and Budget Director Russell Vought has been serving as acting CFPB director and issued a directive that CFPB employees are not allowed to issue new rules, end or begin investigations, or order public communications, among other things.

Chopra, the previous CFPB director under former President Joe Biden, announced his departure from the agency at the start of the month. Trump was being heavily pressured to remove Chopra from Wall Street. Groups such as the Consumer Bankers Association called for his ouster, and the Wall Street Journal published an editorial wondering why Chopra still had the job. 

Prior to his time at the FDIC, McKernan was a counsel to former GOP Pennsylvania Sen. Pat Toomey on the ranking member’s Banking Committee staff; he also has served as a senior counsel at the Federal Housing Finance Agency and has worked at the Treasury Department.

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The Consumer Bankers Association praised the nomination and said it looked forward to working with McKernan.

“Mr. McKernan’s experiences as a former FDIC Board Member, counsel to lawmakers, and attorney focused on consumer finance and banking highlight his qualifications to lead the Bureau at a critical time,” said CBA President and CEO Lindsey Johnson. “We are confident Mr. McKernan understands the importance of working collaboratively with industry on behalf of the millions of consumers we both industry and government serve.”