The Treasury Department announced the hiring of key leadership for the Consumer Financial Protection Bureau implementation team on Tuesday.
Elizabeth Warren, Assistant to the President and Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau (CFPB), highlighted the selection of staff to lead the depository and non-depository institution teams.
Steve Antonakes will be the lead for depository supervision and Peggy Twohig will lead the non-depository supervision team.
”There are plenty of good lenders out there that want to build their businesses around providing good service to their customers, but the market doesn’t work for them when some of their competitors aren’t playing by the same rules,” said Warren. “Peggy and Steve will play critical roles in building a CFPB that will level the playing field between bank and non-bank lenders. For the first time consumer credit is going to be regulated by product instead of by the kind of company selling it, and these two will be instrumental in developing this new approach.”
Twohig currently serves as Treasury’s Director of the Office of Consumer Protection and will be the Policy Lead for the CFPB implementation team. Prior to joining Treasury, Twohig worked at the Federal Trade Commission on enforcement and policy issues related to consumer financial services, including directing the activities of the Division of Financial Practices. As the Policy Lead for the CFPB, Twohig will spearhead efforts to conduct research and policy analysis around the creation of the first federal non-depository supervision program.
Antonakes will be responsible for building the consumer supervision program for the nation’s largest depository institutions. Prior to his new role, Antonakes served as the Commissioner of Banks for the Commonwealth of Massachusetts for the past seven years. Antonakes also served as a voting member of the Federal Financial Institutions Examination Council (FFIEC) and as the Vice Chairman of the Conference of State Bank Supervisors (CSBS).