Senator Elizabeth Warren has asked Capital One CEO Richard Fairbank to provide copies of any correspondence between bank executive Brian Johnson and the Consumer Financial Protection Bureau regarding the agency's decision to drop its lawsuit against the bank. Johnson, a former CFPB deputy director during Trump's first term, joined Capital One as a vice president in November 2024 and was nominated this month to lead the agency. Warren wants Fairbank to detail by July 7 any advice Johnson gave internally about CFPB enforcement actions. The CFPB sued Capital One in January 2025, alleging the bank cheated millions of consumers out of more than $2 billion in interest by obscuring a higher-yield savings account, but the agency dropped the lawsuit a month later under Trump-era leadership. Warren's letter raises concerns about Johnson's potential involvement in the enforcement action and his movement through the revolving door between the CFPB and the financial industry.
Capital One Financial CorporationSenator Warren's letter raises concerns about revolving door and potential improper influence in dropped CFPB lawsuit, increasing regulatory scrutiny risk.