Testifying at his confirmation hearing, CFPB Director nominee Brian Johnson declined to endorse efforts to eliminate the agency.
Appearing before the Senate Banking, Housing and Urban Affairs Committee, Johnson said, “That is not my intention. The CFPB is a creature of statute.” He added, “My intention is to execute the law.”
He said that if he is confirmed, he will enforce the law, which includes the sections of Dodd-Frank dealing with the CFPB.
Johnson said he favors legislative changes to the agency but did not specify what changes he would like to see made.
Current Trump Administration officials, including Acting CFPB Director Russell Vought, have endorsed elimination of the agency. Vought has endorsed Johnson for the job.
Following an executive session to vote on unrelated nominations, the committee considered Johnson’s nomination, as well as the choices of Abby Warren to serve as Assistant Secretary of the Department of Commerce, and Irving Dennis to serve as Chief Financial Officer of the Department of Housing and Urban Development.
In his opening statement, 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 which are ultimately borne by consumers and investors.”
He said he has three priorities for the agency:
- Protecting consumers, especially those vulnerable to fraud and scams.
- Promoting accountability by ensuring that the Bureau operates prudently and within its statutory limits.
- Modernizing CFPB operations.
Senate Banking, Housing and Urban Development Chairman Sen. Tim Scott, R-S.C., endorsed Johnson’s nomination. He said the bureau must be focused and concentrate on following the law. Referring to Johnson and the other nominees, he stated that each “brings a strong record of leadership and deep experience in the agency or policy area they have been nominated to serve. That experience matters.”
However, Committee ranking Democrat, Sen. Elizabeth Warren, D-Mass., said Johnson has his “unique baggage for the job”. She said that Johnson has been a well-paid “hired gun” for big banks and financial firms.
In a particularly interesting exchange, Sen. Warren asked, “Will you commit to notifying Congress and the Inspector General immediately if the White House contacts you about an enforcement action against a Trump family company or a big donor that cheated families?” Johnson replied that he disputed the premise of the question.
Sen. Warren asked whether the CFPB could continue its examinations if examiners are decreased from 350 to 77, Johnson said, “It depends on the CFPB’s examination strategy.”
Asked by Sen. Warren about overall staffing reductions proposed by the Trump Administration, Johnson said those questions currently are tied up in court. He added, however, that he pledged to have an “open mind” when it comes to CFPB staffing. Under questioning from Senators, Johnson pledged to ensure that the Bureau protects military members.
The hearing marked the next significant step in the confirmation process for Johnson, who previously held senior leadership positions at the CFPB from December 2017 until March 2020, including as Acting Deputy and then as Deputy Director for a majority of that period. If confirmed by the Senate, Johnson would become the first Senate-confirmed CFPB Director of President Trump’s second Administration.
He has also served in a key policy and legal role on Capitol Hill as Chief Financial Institutions Counsel of the House Financial Services Committee for more than five years. After leaving the CFPB, he was a partner at a major law firm for more than two years before becoming Managing Director of Patomak Global Partners (a strategy, risk management, and compliance financial services consulting firm) for about two years. He then joined Capital One in November 2024 as Vice President, U.S. Card Compliance Officer.
Addressing his prior public service, Johnson stated “My experiences in these various roles have deepened my conviction that consumer protection is not a zero-sum game. 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.”