Key facts
- Brian Johnson, a Capital One executive, is nominated to lead the Consumer Financial Protection Bureau (CFPB).
- Johnson will appear before the Senate Banking Committee for his nomination hearing.
- The CFPB was created after the 2008 financial crisis to protect consumers.
- Republicans have often criticized the CFPB, while supporters say it has returned billions to consumers.
- Johnson has past ties to companies regulated by the CFPB, including Zelle operators.
- He has agreed to recuse himself from Capital One-related matters for two years.
Brian Johnson, a Capital One executive and former official at the Consumer Financial Protection Bureau (CFPB), is scheduled to appear before the Senate Banking Committee on Thursday for his nomination hearing to lead the agency. The Trump administration has previously attempted to dismantle the CFPB, which was established after the 2008 financial crisis to prevent predatory lending and other consumer financial misconduct.
Republicans have often criticized the CFPB as a regulatory burden, while its supporters maintain it has recovered billions for consumers. Johnson, known as an industry insider, has previously expressed criticism of the agency. However, David Silberman, a former CFPB official whose tenure overlapped with Johnson's, anticipates that Johnson will not seek to abolish the agency but will adhere to the president's policy priorities.
Ethics documents indicate Johnson has professional ties to companies regulated by the CFPB, including operators of the money transfer service Zelle. During the tenure of acting Director Russell Vought, the agency significantly reduced its enforcement actions and settlements, including those involving Capital One and Zelle. Johnson and his spouse declared net assets between $336,000 and $2.7 million. If confirmed, he has agreed to forfeit between $250,000 and $500,000 in unvested Capital One shares and will recuse himself from matters related to Capital One for two years.