Massachusetts Commissioner of Banks Steve Antonakes, whose office also regulates state-chartered credit unions, was named today to lead the team setting up the depository institution supervision at the new Consumer Financial Protection Bureau.
Antonakes, who has been the top financial services regulator in the Bay State for 7 years, will be the point person for building the CFPB's consumer supervision bureau. He began his career as a Community Reinvestment Act bank examiner and worked his way up to the department's top job.
Elizabeth Warren, President Obama's point person in setting up the CFPB, announced Antonakes' appointment and also named Peggy Twohig to be the top regulator of non-depository institutions. Twohig is currently head of the Treasury Department's Office of Consumer Protection.
"Peggy and Steve will play critical roles in building a CFPB that will level the playing field between bank and non-bank lenders," Warren said in a statement. "For the first time consumer credit is going to be regulated by product instead of by the kind of company selling it, and these two will be instrumental in developing this new approach."
The new bureau, which is likely to be up and running by next year, was established by the Dodd-Frank regulatory overhaul bill that Congress passed and Obama signed last summer. It will be housed in the Federal Reserve but have an independent director appointed by the president and confirmed by the Senate.