Capital One executive Brian Johnson tells Senate he has not decided on CFPB staff cuts

Brian Johnson, a Capital One executive and President Trump’s nominee to lead the Consumer Financial Protection Bureau, told the Senate Banking Committee he has not decided whether to proceed with proposed staff reductions at the agency, while also facing sharp Democratic scrutiny over conflicts of interest and enforcement independence. Sen. Elizabeth Warren pressed Johnson over the CFPB’s dropped lawsuit against Capital One, which had alleged the bank deprived consumers of more than $2 billion in savings-account interest, and criticized his refusal to commit to notifying Congress and the Federal Reserve inspector general if the White House intervened in an enforcement matter involving a Trump family company or major donor. Johnson, who still works at Capital One and has agreed to recuse himself from matters involving the bank for two years if confirmed, said such interference never occurred during his prior CFPB service and declined to engage with Warren’s hypothetical. Lawmakers also questioned him about cuts pursued under acting director Russell Vought. Johnson said it is not his intention to eliminate the CFPB, calling it a statutory agency with laws Congress has assigned it to execute, but he also said no actions by Vought came to mind that he disagreed with. The nomination hearing comes as court battles continue over attempts to shrink or potentially shut down the bureau.