The CFPB announced on Thursday that Steve Antonakes will serve as the agency’s acting deputy director until a replacement can be found for the departing Deputy Director Raj Date, who recently left the agency.
“We will be forever grateful to Deputy Director Raj Date for his tremendous work to protect American consumers,” CFPB Director Richard Cordray said, according to eNews Forest Park. “As the CFPB’s first deputy director, Raj has helped to lead the agency’s organizational, strategic and policy efforts and put in place key new mortgage rules that will benefit all Americans. Although we will miss Raj, he has helped to build a strong, talented team and I am pleased that Steve will be taking on the role of acting deputy director. Steve’s knowledge, expertise and judgment will continue to be invaluable as we move forward with our important work—making markets work for consumers and responsible businesses.”
Date, the agency’s first deputy director, began at the CFPB during its first operational years and played a number of key leadership roles, including special advisor to the U.S. Treasury secretary and associate director for research, markets and regulations.
Date’s experience in financial markets is extensive, having worked on Wall Street as a bank executive and as a strategy consultant. Date previously served as the managing director in the financial institutions group at Deutsche Bank Securities, where he oversaw investment banking coverage for the largest American banks and thrifts. Before coming to Deutsche Bank, Date worked as the senior vice president for corporate strategy and development at Capital One Financial, eNews Forest Park reports.
Antonakes’ background, however, is comprised of more than 20 years as a financial services regulator. He began his career as a bank examiner at the Commonwealth of Massachusetts Division of Banks in 1990 and went on to serve as the commissioner of banks from December 2003 until November 2010. In November 2010, Antonakes joined the CFPB as the assistant director of large bank supervision and became the associate director for supervision, enforcement and fair lending in June.
Antonakes is also a founding member of the governing board of the Nationwide Mortgage Licensing System and the first state voting member of the Federal Financial Institutions Examination Council.
Additionally, Antonakes, who holds a bachelor’s degree from Penn State, a master’s degree in business administration from Salem State University, and a Ph.D. in law and public policy from Northeastern University, received the NeighborWorks America’s Government Service Award in 2007 for his work in preventing foreclosures, according to eNews Forest Park.