Trump Nominates Former Consumer Protection Official Brian Johnson to Lead CFPB

Brian Johnson, former deputy director of the Consumer Financial Protection Bureau (CFPB) during President Donald Trump’s first term, has been nominated to lead the bureau.

The White House announced the pick for CFPB director on June 10.

Johnson, from Ohio, was an aide to then-CFPB Director Kathy Kraninger during Trump’s first term. He then worked at consultancy firm Patomak Global Partners and currently serves as a vice president and compliance officer for the U.S. card services division at credit card giant Capital One.

The nomination for the five-year term as the federal government’s top watchdog for consumer financial protection is now headed to the Senate for confirmation. If confirmed, Johnson would serve for the remainder of Trump’s term.

Since returning to office, White House budget director Russel Vought has been in the position temporarily after the Senate returned the nomination of Stuart Levenbach, an associate director at the Office of Management and Budget, for the position. Vought’s tenure as acting director ends in August.

The president’s Council of Economic Advisers noted in February that the “regulatory burden imposed by the CFPB” between 2011 and 2024 was estimated at $237–$369 billion—significantly more than the bureau’s reported $21 billion in returns to consumers.

The council reported that consumers were paying between $74 billion and $116 billion more for credit cards, and businesses were paying $21 billion for employees to process the required paperwork.

A spokesperson with the Office of Management and Budget said in a June 2 post on X that CFPB regulations have cost the American people $369 billion since its inception.

“That’s an average for $1,700 extra for each originated mortgage,” she added.

Congress created the CFPB in the aftermath of the 2008 financial crisis and subsequent recession, designed to operate as an independent financial regulator with broad enforcement authority over consumer financial products and services. Critics have long called for reform, arguing that without transparency and accountability, the regulatory process is prone to politicization because the bureau is not subject to formal rulemaking or congressional review.

Johnson has long been a vocal critic of the bureau’s work. His previous public statements about the bureau differ significantly from Vought’s, who has publicly said he would like the CFPB shut down or eliminated.

While Johnson testified in 2023 to the House Financial Services Committee that the bureau is “ripe for reform” either by Congress or internally, he believed that “properly structured and managed, (the CFPB) is capable of great good.”

Vought backed the calls for reform in a June 3 post on X.

“Immediate consumer redress without years of waiting,” he wrote. “No thuggery. New model based on common sense.”

Lindsey Johnson, the president and CEO of banking industry lobby group Consumer Bankers Association, described Johnson as having a “tenured background steeped in consumer protection policy.”

“America’s leading Main Street banks look forward to engaging with Director-designate Johnson on policies that provide certainty and create a more durable, stable CFPB where the Bureau meets its mission of consumer protection in a manner consistent with its congressional mandate,” she said in a June 10 statement. “A transparent, accountable CFPB focused on its core mission will strengthen outcomes for consumers, financial institutions, and the U.S. economy.”

Lindsey Johnson is unrelated to Brian Johnson.

Johnson’s nomination will go to the Senate Banking Committee, where Sen. Elizabeth Warren (D-Mass.), the bureau’s biggest advocate, is now the top-ranking Democrat on the committee. Warren criticized Johnson when he was deputy director of the bureau during Trump’s first term and also criticized his nomination.

“Starting in August, Russ Vought can no longer legally serve as Donald Trump’s hatchet man at the CFPB. So here comes the next hatchet man to try to finish the job and gut an agency that has returned more than $21 billion to cheated consumers,” Warren said in a statement.

The American Bankers Association expressed support for the nomination.

“Brian has a distinguished track record in bank regulatory policy both at the Bureau and on Capitol Hill, and he will bring a thoughtful approach to setting the Bureau’s priorities in the years ahead if confirmed,” it said. “The Bureau upholds its consumer protection mission best when it operates within its statutory authority, promotes responsible innovation and pursues regulations that are appropriately tailored and applied evenly to all market participants.”

The Associated Press contributed to this report.