President Trump’s nominee to lead the Consumer Financial Protection Bureau told lawmakers today that he would promote accountability at the agency by ensuring it acts within statutory limits, and that he would keep an “open mind” about the bureau’s staffing.
Brian Johnson appeared before the Senate Banking Committee for a hearing on his nomination to lead the CFPB, which has been without a full-time director since the firing of former Director Rohit Chopra last year. Both Trump and CFPB Acting Director Russell Vought have said they want to shutter the bureau, and the administration is seeking permission from a federal court to trim the agency’s existing staff by more than half.
Johnson previously served as deputy director of the CFPB during Trump’s first term and is currently an executive at Capitol One. In his opening remarks, Johnson said his previous experience at the bureau reinforced his conviction that consumer protection “is not a zero-sum game.”
“To the contrary, 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 customers and investors,” he said.
Johnson said he will have three goals at the CFPB: Protecting consumers, especially from fraud and scams; promoting accountability by ensuring the bureau acts within its statutory bounds; and modernizing the agency’s operations. He also pledged to keep an open mind about staffing levels.
“My understanding of the state of litigation is that I’ll have the opportunity to make those judgements,” he said about staffing.
NCUA nomination advances
In addition to the nomination hearing, the committee held an executive session during which senators voted along party lines to advance the nomination of Treasury Department staffer John Crews to join the National Credit Union Administration board.
If confirmed by the Senate, Crews will likely lead the NCUA as its sole board member, given Chairman Kyle Hauptman intends to step down to become a member of the Public Company Accounting Oversight Board.
The NCUA board typically has three members, but Trump last year fired Democrats Todd Harper and Tanya Otsuka despite both having several years left in their terms.
