The U.S. Senate Banking Committee advanced the nomination of John Crews to serve on the National Credit Union Administration (NCUA) board Thursday with a 13-11 vote. The nomination now heads to the Senate floor and, if confirmed, Crews would replace Chair Kyle Hauptman on the NCUA board.
Credit unions, state leagues, and America’s Credit Unions wrote in support of Crews’ nomination prior to the vote.
Following the votes, the committee heard testimony from another batch of nominees, including Consumer Financial Protection Bureau (CFPB) director nominee Brian Johnson. Johnson, who served as CFPB deputy director in the previous Trump administration, shared what he’s learned during his career in consumer finance.
“Where the CFPB writes clear and durable rules of the road, obeys its own statutory bounds, justly enforces the law, and enables consumers to make their own financial decisions, both consumers and market participants win,” he said. “To the contrary, where the CFPB tries to remake markets according to an ideological agenda, it deprives consumers of choice, restricts their access to financial products and services, and drives up costs for providers, which are ultimately paid by customers and investors.”
If confirmed, his priorities will be to:
Johnson’s priorities align with those America’s Credit Unions submitted to the committee prior to the hearing, including the focus on abusers of consumers, increase transparency int the rulemaking process, and provide clear regulatory standards.
Also Thursday, the Senate Finance Committee voted to advance the nominations of Francis Brooke to be deputy secretary of the Treasury, Erin Browne to be an under secretary of the Treasury, Sriprakash Kothari to be an assistant secretary of the Treasury, and George McMaster to be an assistant secretary of the Treasury.
