Senate Banking Advances Johnson CFPB Nomination; DCUC Calls For ‘Balanced’ Approach
By CU Today Staff —
WASHINGTON—The Senate Banking Committee voted 13-11 along party lines Thursday to advance Brian Johnson’s nomination to lead the Consumer Financial Protection Bureau, moving President Donald Trump’s pick to the full Senate as credit union groups look toward a potential change in permanent leadership at the agency.
Johnson, currently an executive at Capital One and a former CFPB deputy director during Trump’s first administration, was nominated in June to a five-year term. No date has been announced for a full Senate vote.
The Defense Credit Union Council welcomed the committee action. “We welcome the Senate Banking Committee’s advancement of Brian Johnson’s nomination and the continued process toward new leadership at the Consumer Financial Protection Bureau. The CFPB plays an important role in protecting consumers, and its policies have a direct impact on credit unions’ ability to serve their members,” DCUC President/CEO Anthony Hernandez, a retired U.S. Air Force colonel, said in a statement.
Johnson told senators during his July confirmation hearing that his priorities would include protecting consumers, particularly from fraud and scams; ensuring the bureau operates within its statutory authority; and modernizing CFPB operations. Democrats have opposed the nomination, raising concerns about Johnson’s financial-industry ties and the Trump administration’s efforts to sharply reduce the CFPB. Reuters reported the administration has paused earlier plans to dismiss most CFPB employees to give Johnson an opportunity to decide how to proceed if confirmed.
“Credit unions need a CFPB that is focused on its core mission while recognizing the unique role credit unions play in their communities,” Jason Stverak, DCUC chief advocacy officer, said. “We look forward to working with CFPB leadership on a practical, balanced regulatory approach that protects consumers, provides greater clarity for credit unions, supports responsible innovation, and avoids unnecessary burdens that can make it harder to deliver affordable financial services.”
Originally reported by CU Today.