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The Consumer Financial Protection Bureau is spending too much on top officials' salaries, travel and a planned office renovation, Republicans said during a House Financial Services subcommittee hearing on Tuesday.
June 18 -
The Consumer Financial Protection Bureau is shedding senior officials faster than it can replace them, raising concerns that the agency will no longer be able to maintain the aggressive pace set during its nearly two years of existence.
June 13
WASHINGTON The Consumer Financial Protection Bureau named four people to top staff positions Monday, seeking to rebuild its senior level suite after more than a dozen key officials left the agency earlier this year.
Among the appointments were that of Sartaj Alag, who has returned to the bureau to serve as chief operating officer. The CFPB also promoted former enforcement attorney Christopher D'Angelo to chief of staff, and announced additional appointments to focus on loan servicing issues and protecting older Americans.
"Good work starts with great people. That is why we continue to identify and bring on board experienced individuals who share our passion to reform the consumer financial markets," CFPB Director Richard Cordray said in a press release. "We are excited to have these talented people join us and work alongside our already stellar staff."
The appointments follow a recent string of departures at the agency that has been blamed on culture clashes, burnout among some officials and competition with private sector employers, among other reasons.
Before leaving the CFPB, Alag was in charge of setting up the bureau's Office of Consumer Response. He is a former management consultant at McKinsey & Co., and also worked at Capital One for nearly 10 years, including as president of the bank's Canadian subsidiary.
D'Angelo started at the agency as an enforcement attorney in June 2011 and eventually became the senior advisor to Cordray. He previously worked at the Treasury Department as senior advisor to the under secretary for domestic finance.
The CFPB also named Nora Dowd Eisenhower as its new assistant director for the Office of Older Americans. Eisenhower was previously the senior vice president of economic security at the National Council on Aging, following a career in the private and public sectors dealing with protecting older Americans. She was Secretary of the Pennsylvania Department of Aging, and also served as executive director for AARP Pennsylvania.
Laurie Maggiano was named program manager for servicing and securitization markets in the CFPB's division of research, markets and regulations. Maggiano previously served as the director of policy in the Office of Homeownership Preservation at the Treasury Department.
