In Exchange with Warren, Trump CFPB Nominee Refuses to Commit to Disclosing or Stopping Any Trump Corruption at Agency

In Exchange with Warren, Trump CFPB Nominee Refuses to Commit to Disclosing or Stopping Any Trump Corruption at Agency

Warren: "The CFPB is currently being used as an arm of President Trump's ongoing corruption, including his corporate pardon machine, and your answer indicates you're just going to keep that machine humming"

New report by Minority Staff of Banking Committee shows families paying the price of Trump corrupt effort to gut the CFPB

Watch exchange here

Washington, D.C. - In a hearing exchange between U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing and Urban Affairs Committee, and Trump's nominee for Director of the Consumer Financial Protection Bureau (CFPB), Brian Johnson, Johnson refused to commit to notifying Congress and the Inspector General if the White House contacts the CFPB about an enforcement action against a Trump family company or a big donor that cheated families. Johnson's failure to commit is concerning, as reports show the agency has repeatedly dropped enforcement actions against companies with ties to the President.

The Banking Committee staff released a report that showed the Trump-Vought attacks on the CFPB, including the dropping of enforcement actions, has already cost families more than $26 billion.

Transcript of Ranking Member Warren's exchange with Mr. Johnson:

Ranking Member Warren: Thank you.

In January 2025, the CFPB sued Capital One-which is your current employer, Mr. Johnson-and it was sued for cheating its customers out of more than $2 billion in interest payments on their savings accounts.

But about a month after President Trump was sworn in-and after Capital One donated a cool $1 million to his inauguration-Acting Director Vought dropped the case against Capital One. This is one of 42 enforcement actions and investigations the CFPB has dropped against big banks and giant corporations since Donald Trump took office.

Now, when he was here last week, I asked Director Vought how many of those 42 cases against companies that we know donated to President Trump. And he said he didn't know how many had donated to President Trump. I said we know at least some of them: Capital One, Apple, Bank of America, JPMorgan, Toyota, Walmart, Meta. They donate, and they get actions from CFPB against them dropped. And who knows if there are more. But what I do know is that we need to clean this corruption up.

So, Mr. Johnson, 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?

Mr. Brian Johnson: Senator, when I served at CFPB. That never happened to my knowledge, and I don't anticipate that it would.

Ranking Member Warren: That's not my question. My question is, if it does, will you notify Congress and will you notify the Inspector General? Look, there's obviously a problem here. I'm looking for a way to clean it up. You're the guy in the seat who can do this. Will you agree to notify us if you get a call about a political donor or a member of the Trump family who is asking about an ongoing investigation?

Johnson: Senator, with respect, I dispute the premise of the question.

Ranking Member Warren: I don't care whether you like the premise. I am giving you a set of facts that are not made up; it's happening right now. I want your commitment that if it happens on your watch, you'll pick up the phone and call us. Our job is oversight. That's not so hard. Are you willing to do that?

Johnson: Senator, I'm not going to engage in a hypothetical-

Ranking Member Warren: So the answer is no. You will not try to hose out the corruption.

Look, the CFPB is currently being used as an arm of President Trump's ongoing corruption, including his corporate pardon machine, and your answer indicates you're just going to keep that machine humming.

So, let me ask you about President Trump's plan to kill off the CFPB. Acting Director Vought tried to fire 90% of the CFPB's staff, but a court told him he can't do that on his own. So, now he's proposing firing half the staff, including almost 300 examiners-now, those are the financial cops whose job it is to ensure that banks and lenders are following the law and treating consumers fairly.

Mr. Johnson, does going from 350 examiners to 77 examiners make it more or less likely that companies like your current employer-Capital One-will get away with hurting consumers?

Johnson: Senator, I believe it depends on the CFPB's examination strategy.

Ranking Member Warren: So, you think you can do just as much with 77 people as you can with 350 to catch the crooks?

Johnson: Senator, what I would note is that that staffing plan is subject to litigation.

Ranking Member Warren: Yeah, I know it's subject to litigation because he's not allowed to shut it down by himself.

Alright, let me just ask you then about your turn through the revolving door. You worked at the CFPB as a Deputy Director from late 2017 until 2020, and you then you became a VP at Capital One at the same time that the CFPB dropped its enforcement action against Capital One.

Mr. Johnson, do you still work for Capital One today?

Johnson: I do, Senator. I am here today in my personal capacity.

Ranking Member Warren: So, you're drawing a paycheck from Capital One right now as you sit here and testify in front of us?

Johnson: Senator, I'm testifying in my personal capacity today.

Ranking Member Warren: Okay. But they're paying you to get confirmed for this job. I also understand they're letting you keep a bonus that you haven't yet earned when you leave. You know, they must be really excited about getting you confirmed here.

Congress did not create the CFPB to aid and abet Trump's corruption. You had a chance to take a different path, but all you've done today is indicate you're there to keep the corruption machine humming.

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