Financial watchdog deputy to officially take office

“He has adeptly led — and will continue to lead — our supervision, enforcement, and fair lending teams,” CFPB Director Richard Cordray said in a statement released by the bureau. “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 came to the post on an acting basis in January. He took over for the CFPB’s first deputy director, Raj Date, who left the bureau to found an advisory firm.

In the post, he has managed a number of the agency’s responsibilities as it seeks to implement new mortgage rules and expand oversight of student loans, prepaid cards and other financial services.

In a statement, the head of the Consumer Bankers Association, Richard Hunt, said that Antonakes “provides the CFPB with the needed expertise to level the playing field between banks and non-banks as mandated by Dodd-Frank.”

Recently, Antonakes has served as one of the CFPB’s public faces as it has sought to quell concerns from Republican lawmakers about the data it collects to analyze market trends and recognize areas in need of new oversight. In July, he defended the agency’s information collection habits before a House subcommittee. 

Before joining the CFBP in 2010, he worked as a bank examiner in Massachusetts, as a member of the Federal Financial Institutions Examination Council, with the Conference of State Bank Supervisors and as a founding member of the Nationwide Mortgage Licensing System’s governing board.