CFPB nominee Johnson agrees to Capital One recusal
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The bank executive, who faces the Senate Banking Committee on Thursday, pledged to forfeit any unvested Capital One restricted stock. The bank, however, is letting him keep bonuses from 2024 and 2025. Brian Johnson, President Donald Trump's nominee to lead the Consumer Financial Protection Bureau, has pledged to recuse himself from any matters involving Capital One for two years if he is confirmed, according to an agreement signed last week. Johnson has served as a vice president and U.S. card compliance officer at Capital One since November 2024 and was deputy director of the CFPB – or acting in that role – between 2018 and 2020, according to his LinkedIn profile. Johnson is set to face the Senate Banking Committee on Thursday for a confirmation hearing. His nomination, though, has received pushback from at least one committee Democrat concerned over potential conflict of interest. Sen. Elizabeth Warren of Massachusetts, the committee's ranking member, wrote Capital One CEO Richard Fairbank last month, asking for copies of any correspondence between Johnson and the CFPB – specifically regarding the agency's decision to drop its lawsuit against the bank just a month after suing. Warren asked Fairbank to detail any advice Johnson may have given Capital One internally about CFPB enforcement actions. The CFPB in January 2025 – six days before Trump returned to the White House...
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