CFPB's Antonakes Officially Takes No. 2 Spot at Agency

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WASHINGTON — Steve Antonakes was officially named Wednesday as the deputy director of the Consumer Financial Protection Bureau after acting in that role during the past seven months.

Antonakes temporarily succeeded Raj Date, the former No. 2, after his departure in January, and was widely expected to receive the permanent position once Richard Cordray was confirmed as CFPB's director in July.

"He has adeptly led—and will continue to lead— our supervision, enforcement, and fair lending teams,"  Cordray said in a press release. "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 has an extensive history as a financial services regulator, having started as an entry-level bank examiner with the Commonwealth of Massachusetts Division of Banks in 1990. He eventually moved his way up to commissioner of banks; his predecessor in that role, Thomas Curry, is now the comptroller of the currency.

Antonakes joined the CFPB in late 2010 as the assistant director for large-bank supervision and became the associate director for supervision, enforcement and fair lending in 2012.

Since Antonakes became acting No. 2 of the CFPB, he has largely spent his time publicly defending the agency's rulemaking on mortgages and massive data-gathering before bankers and policymakers.

"To the extent we're reviewing this type of information, it is through our supervisory process or the consumer complaint process, and we're following the same process that's been run for years by other federal and state regulatory agencies," Antonakes said during his last testimony before the House Financial Services Committee in July. "I don't believe we're plowing any new ground here."

Antonakes has also served as the first state voting member of the Federal Financial Institutions Examination Council, vice chairman of the Conference of State Bank Supervisors and a founding member of the governing board of the Nationwide Mortgage Licensing System.

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