Antonakes Named CFPB Deputy Director
The Consumer Financial Protection Bureau on Wednesday announced Steve Antonakes has been officially named deputy director of the agency.
Antonakes had been serving as the acting deputy director of the CFPB since Jan. 31, when former Deputy Director Raj Date left the agency.
Antonakes will continue to maintain responsibility for his duties as the associate director for supervision, enforcement and fair lending at the CFPB.
“I am happy to announce that Steve will be the official deputy director of the Bureau,” CFPB Director Richard Cordray said. “He has adeptly led—and will continue to lead— our supervision, enforcement and fair lending teams.
“Steve’s experience, his knowledge, and his judgment are vital in helping us achieve our mission of fostering a thriving, sustainable marketplace for both consumers and responsible businesses.”
Antonakes joined the CFPB in November 2010 as the assistant director for large bank supervision and was named the associate director for supervision, enforcement and fair lending in June 2012. He began his professional career as an entry-level bank examiner with the Commonwealth of Massachusetts Division of Banks in 1990, working his way up to Commissioner of Banks from December 2003 until November 2010.
In addition, he served as the first state voting member of the Federal Financial Institutions Examination Council. as the vice chairman of the Conference of State Bank Supervisors, and as a founding member of the governing board of the Nationwide Mortgage Licensing System.
Date was criticized by House Financial Services Chairman Jeb Hensarling (R-Texas) and House Oversight and Government Reform Committee Chairman Darrell Issa (R-Calif.), who accused him in an Aug. 1 letter of profiting off CFPB rules he helped create by forming an investment firm that would securitize mortgages that don’t meet qualified mortgage standards.
“Simply put, it appears that former CFPB employees are now offering financial products in a market sector created by the very rules they were in a position to influence while working in senior leadership positions at the CFPB,” the two Republican leaders said in the letter to Cordray.