The Consumer Financial Protection Bureau (CFPB) Tuesday promoted Steven Antonakes to head its bank supervision division and placed Paul Sanford in charge of large bank supervision.
A former Massachusetts banking commissioner, Antonakes now oversees CFPB’s supervision, enforcement and fair lending division. This division has supervisory and enforcement powers over large banks and nonbanks, including independent mortgage banking companies.
He joined Elizabeth Warren’s CFPB transition team in November 2010, which was charged with setting up the new bureau. By the summer of 2011, Antonakes was recruiting bank examiners to start examining large banks with $10 billion or more in assets.
CFPB director Richard Cordray also announced other changes Tuesday afternoon, appointing his chief of staff Meredith Fuchs to be the bureau’s new general counsel. Garry Reeder will now be the director’s acting chief of staff. Former CFPB general counsel Len Kennedy will serve as senior advisor and counselor to director Cordray.
“As the CFPB continues moving forward with its important work, we are leveraging the collective expertise of our dedicated senior staff to better serve consumers and fulfill the CFPB’s mission of making consumer financial markets more fair, transparent and competitive,” Cordray said.
The CFPB also reported that Camille Busette, a senior fellow at the Center for American Progress, joined the bureau to head the Office of Financial Education. Also, Clifford Rosenthal, the former president and chief executive of the National Federation of Community Development Credit Unions, will be assistant director of financial empowerment.