Former CFPB Deputy, Capital One Executive Nominated To Head Bureau
By CU Today Staff —
WASHINGTON—President Donald Trump has nominated Brian Johnson, a former CFPB deputy director and current Capital One executive, to serve as CFPB director, a move that would place a longtime critic of the agency at the helm as the Administration seeks to dramatically scale back its operations.
Johnson served as the CFPB’s second-in-command during the first Trump Administration under former Director Kathleen Kraninger and later joined consulting firm Patomak Global Partners before moving to Capital One. Reuters reported Johnson has been a vocal conservative critic of the Bureau, testifying before Congress in support of efforts to end the CFPB’s independent funding structure and criticizing several of its regulatory and enforcement actions.
His nomination comes as the Trump Administration continues efforts to shrink the CFPB. The agency is currently led on an interim basis by Office of Management and Budget Director Russell Vought, who has publicly called for dismantling the Bureau. While court challenges have slowed those efforts, the Administration has said it expects to significantly reduce the CFPB’s workforce and narrow its activities.
Johnson is widely viewed as an expert in consumer financial law and, unlike some critics who have advocated eliminating the CFPB entirely, has previously argued for reforms that would place the agency under greater congressional oversight and funding control. His confirmation process is expected to draw close scrutiny from lawmakers as debates continue over the Bureau’s future role, authority and supervision of consumer financial products.
"America's Credit Unions congratulated Johnson.
"Johnson has significant experience in financial policy, and a strong understanding of the importance of right-sized regulations. We look forward to the opportunity to work with Johnson in this capacity to advance reforms at the bureau, should he be confirmed," stated Scott Simpson, America's Credit Unions president/CEO.
The Defense Credit Union Council said it welcomes President Trump's nomination of Johnson.
"We recognize that Johnson brings extensive experience in consumer financial policy, including service as CFPB deputy director and principal policy director, senior leadership roles with the House Financial Services Committee, and experience in both state government and the private sector," stated Anthony Hernandez, DCUC president and CEO, ret. U.S. Air Force colonel. "America's financial services sector and the consumers it serves would benefit from a well-functioning, accountable CFPB. DCUC looks forward to working with Johnson to ensure the Bureau remains focused on its core consumer protection responsibilities while pursuing a balanced regulatory approach that avoids unnecessary burdens, promotes innovation, and enables credit unions to continue meeting the financial needs of their members and communities nationwide."
Originally reported by CU Today.