Trump CFPB nominee lays out views in nomination hearing

Consumer Financial Protection Bureau Director-nominee Brian Johnson said the agency would fulfill its statutory obligations if he is approved to lead the bureau. .Johnson’s comments came July 23 during his nomination hearing before the Senate Committee on Finance. President Donald Trump nominated Johnson to be director of the CFPB last month. Johnson said he is eager to advance Trump’s agenda. “Where the CFPB writes clear and durable rules of the road, obeys its own statutory bounds, justly enforces the law and enables consumers to make their own financial decisions, both consumers and market participants win,” Johnson said. “Where the CFPB tries to remake markets according to an ideological agenda, it deprives consumers of choice, restricts their access to financial products and services and drives up costs for providers.” Johnson would take the reins as the bureau remains in operation but has been significantly downsized since Trump took office in 2025. The administration has cut the CFPB’s budget in half, with most previous enforcement actions against large banks dismissed. Acting deputy director of the bureau from 2017-20, Johnson, if confirmed by the Senate, would replace Russell Vought, who has led the agency as acting director since February 2025. Committee Democrats questioned Johnson multiple times on whether he supports shuttering the bureau, or if the agency could fulfill its duties under proposed staffing cuts. Johnson did not directly answer those questions, replying his focus was on ensuring the CFPB was meeting its statutory obligations. He signaled his support for changing the bureau’s funding mechanism to Congress from the Federal Reserve. Sen. Shelley Moore Capito (R-W.V.) described Johnson as “a diligent, thoughtful staff member.” Capito said Johnson would ensure the bureau sticks to its charter obligations. Senate Committee on Finance Ranking Member Elizabeth Warren (D-Mass.) framed Johnson as continuing Vought’s approach, whom she blamed for trying to eliminate the bureau. “He failed,” Warren said. “Even so, he has done plenty of damage.” She described Johnson as exemplifying the culture of lobbying in Washington, D.C., where top regulatory officials take positions as executives for the companies overseen by their former employer. Johnson has been vice president of U.S. card compliance at Capital One since 2024. He was previously managing director in the banking supervision and regulation group at Washington, D.C.-based financial consulting firm Patomak Global Partners. Warren questioned CFPB’s 2025 decision to drop a $2 billion enforcement action against Capital One after the company donated $1 million to Trump’s inauguration ceremony and whether he would stick up for consumers based on his background. Sen. Catherine Cortez Masto (D-N.M.) asked Johnson whether he would restore the Office of Servicemember Affairs. The office has not been officially shut down, but is largely non-operational and unstaffed during Trump’s second term. Johnson did not commit to restoring the office but said he would “take a look” and ensure it is following through on its duties.