CFPB People

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Meredith Fuchs, the General Counsel of the CFPB, has been named today by Director Cordray to be the Acting Deputy Director of the CFPB effective August 1, 2015.  The CFPB previously announced that the existing Deputy Director and Associate Director of the Division of Supervision, Enforcement and Fair Lending, Steve Antonakes, will leave the CFPB at the end of July. … Continue Reading

According to the American Banker and Politico, Deputy Director Steven Antonakes is leaving the CFPB to pursue opportunities in Massachusetts, his home state.  Mr. Antonakes, the CFPB’s second-in-command, has been with the agency since 2010 and has also been serving as the CFPB’s Associate Director for Supervision, Enforcement, and Fair Lending.… Continue Reading

The Wall Street Journal and Politico have reported that Rohit Chopra, the CFPB’s student loan ombudsman, will be leaving the CFPB next week.  According to the reports, Mr. Chopra did not indicate in his resignation letter to Treasury Secretary Jacob Lew what his next position would be.

Seth Frotman, the CFPB’s Deputy Assistant Director for the Office for Students, is expected to handle student loan work on an interim basis.… Continue Reading

On May 12, 2015 Senator Richard Shelby (R-AL) released a draft of a regulatory reform bill entitled the Financial Regulatory Improvement Act of 2015.  The draft bill addresses various residential mortgage lending issues, a number of which are summarized below.  The draft bill is scheduled for markup on May 21, 2015.… Continue Reading

Last week, Director Cordray spoke at a National Credit Union Administration town hall webinar. While his prepared remarks were not particularly revealing, the American Banker reported that Director Cordray was unusually candid during the Q&A part of the program.

In discussing the CFPB’s work on a proposed rule for overdraft products, Director Cordray indicated that the CFPB is not planning on banning overdraft products, but is “reviewing the size of fees, frequency of fees, occasion for fees, [and] the ordering of transactions.”… Continue Reading

According to the Wall Street Journal, the CFPB is making two changes in leadership.  Tony Alexis, who previously served as Deputy Director of Enforcement Field Litigation and is currently serving as Acting Director of Enforcement, will become the CFPB’s Director of Enforcement.

Mr. Alexis served as an Assistant United States Attorney in the District of Columbia for 13 years. … Continue Reading

The CFPB has announced a senior leadership change and two new hires.  It also announced new appointments to its Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council.

The CFPB announced the following senior leadership change and new hires:

  • Will Wade-Gery will serve as the Assistant Director for Card and Payments Markets. 
… Continue Reading

On June 26, 2014, I participated in a panel presentation at the MBA Strategic Markets and Diversity Summit, in Washington, D.C. Stuart Ishimaru, Director of the Consumer Financial Protection Bureau’s Office of Minority and Women Inclusion, also sat on the panel.

The presentation focused on Section 342 of the Dodd-Frank Act and the proposed Interagency Policy Statement Establishing Joint Standards for Assessing the Diversity Policies and Practices (the Proposed Standards).… Continue Reading

As we previously reported, the House of Representatives Financial Services Committee held a hearing on the effects of regulatory “red tape.” In her opening statement, Meredith Fuchs, General Counsel of the Consumer Financial Protection Bureau, spoke about the goals of the CFPB in seeking input from impacted entities. Before enacting a rule, she said, the CFPB considers the costs and benefits to consumers and financial institutions, particularly the compliance burdens associated with a particular rule as compared to less burdensome alternatives.… Continue Reading