WASHINGTON — Sen. Elizabeth Warren (D-MA) is seeking records from Capital One related to its compliance chief and President Donald Trump’s nominee to lead the Consumer Financial Protection Bureau, questioning whether he played any role in the bureau’s decision to abandon a major enforcement action against the bank.
In a letter sent to Capital One Chairman and CEO Richard Fairbank, Warren asked the bank to provide copies of any communications between Capital One Vice President and U.S. Card Compliance Officer Brian Johnson and CFPB officials concerning the agency’s lawsuit against the bank. She also requested details by July 7 on any internal advice Johnson provided regarding CFPB enforcement matters, Banking Dive reported.
Johnson joined Capital One in November 2024 after serving as deputy director of the CFPB during President Trump’s first administration. Earlier this month, Trump nominated him to serve as CFPB director.
The CFPB sued Capital One in January 2025, six days before Trump returned to office, alleging the bank deprived millions of customers of more than $2 billion in interest on savings accounts.
About the Lawsuit
According to Banking Dive, the lawsuit centered on Capital One’s handling of legacy 360 Savings accounts following its 2012 acquisition of ING Direct USA. The CFPB alleged the bank reduced and then froze interest rates on those accounts between 2019 and 2024 while introducing a nearly identical product, 360 Performance Savings, that paid substantially higher rates.
At one point, the newer account offered an interest rate more than 14 times higher than the legacy account, according to the CFPB. The agency alleged Capital One did not notify existing customers of the higher-paying account, removed most references to the older product from its website and instructed employees not to proactively inform customers about the alternative, Banking Dive reported.
Lawsuit Dismissed
The CFPB dismissed the lawsuit approximately one month later after the Trump administration assumed control of the agency.
In May, New York Attorney General Letitia James filed a lawsuit raising similar allegations against Capital One. Days later, as Capital One prepared to complete its acquisition of Discover Financial Services, the bank agreed to pay $425 million in restitution to affected savings account holders, according to Banking Dive.
‘Significant Concerns’
In her letter, Warren said Johnson’s employment at Capital One and subsequent nomination to lead the CFPB “raises significant concerns” about whether he was involved, directly or indirectly, in the enforcement action or advised the bank on how to respond to the allegations.
Warren asked Fairbank whether Johnson participated in legal assessments of the bank’s marketing of its 360 Savings accounts, helped develop the two-tier savings account strategy or played any role in decisions to withhold information about the newer account from existing customers.
She also requested copies of emails, meeting records and other communications between Johnson and CFPB officials, particularly those related to the now-dismissed enforcement action.
A Need to ‘Better Understand’
“It is critical for Congress to better understand the role Mr. Johnson may have played in the dropping of that lawsuit, given his prior role as Deputy Director of the CFPB, his current role as an executive at Capital One, and President Trump’s nomination of him to lead the CFPB,” Warren wrote, according to Banking Dive.
