"We found perhaps some bad judgment, inappropriate meetings", Mr. Conaway said during a briefing with reporters on Monday afternoon.
Schiff, the committee's top Democrat, said on Sunday that the committee, which is not widely regarded as being at the spearhead of the investigation into Russian Federation and Trump, had uncovered "circumstantial evidence of collusion".
House Intelligence Committee Republicans completed the draft report without any input from Democrats, who will be able to see and weigh in on the document starting Tuesday, Conaway said.
The document contradicts the US intelligence community's assessment that Russian President Vladimir Putin favored Trump during the campaign.
Committee Democrats had no immediate response to the announcement, which was expected. They say there are still people the committee needs to call to testify and claim the Republicans on the committee haven't effectively used their authority to get all pertinent information. The probe - originally meant to be bipartisan - is ending even though an inquiry by Special Counsel Robert Mueller remains underway and at least four people connected to the president's campaign are facing criminal charges.
Those are the initial conclusions of a 150-page report from GOP members of the House Intelligence Committee, who are formally bringing the panel's year-long investigation to an end over the fierce objection of Democrats. The conclusion that there was no evidence of collusion echoes an argument the president's been making since the inquiries into Russian election meddling began. Conaway said that meeting "shouldn't have happened, no doubt about that".
The committee has been crippled by partisan division for months, as GOP members accused Democrats of trying to malign Trump without adequate evidence and Democrats accused the GOP of trying to undermine Mueller's investigation.
The Senate Judiciary Committee, also investigating the meddling, is expected to release transcripts soon of closed-door interviews with several people who attended the 2016 meeting between the Trump campaign and Russians.
Conaway said he saw no "link" between Trump's finances and the committee's investigation, and he did not want to go on a fishing expedition.
In contradicting the intelligence agencies, the GOP's 150-page report finds that Russians meant to "sow discord", faulted a "lackluster" effort by the Obama administration to combat Russian cyber activities, and raised questions about contacts between members of the intelligence community and the media.
Adam Schiff and Devin Nunes talk to the press.
"There are a number of steps that I think any credible investigator would say, 'These need to be done, ' and we still hope that they will be", Schiff said following Lewandowski's interview last week.
Instead, Schiff said, Republicans declined to subpoena witnesses to compel them to answer key questions after witnesses refused to do so during their voluntary, closed-door appearances before the committee.
Lawmakers had been telegraphing that last week's committee interview with former Trump campaign manager Corey Lewandowski was likely to be the last of dozens conducted since the committee launched its Russian Federation probe last March.
Democrats, meanwhile, have had their share of criticism when it comes to the House investigation.