On April 17, Steve Antonakes, Acting Deputy Director of the Consumer Financial Protection Bureau (CFPB), addressed the American Bankers Association meeting in Washington, D.C. Mr. Antonakes’s remarks should be required reading for any banker who wants to understand the mission of the CFPB, and how its mission is different than that of traditional bank regulators. It is worth noting that the CFPB itself will examine the more than 200 Federal Deposit Insurance Corporation (FDIC)-insured institutions with assets in excess of $10 billion, and will write the consumer protection rules for all FDIC-insured institutions as well as non-FDIC-insured participants in the financial system.
Mr. Antonakes’s speech is available here.
