CFPB Deputy Director Announces Departure

Steven Antonakes

Steven L. Antonakes, the Consumer Financial Protection Bureau (CFPB)’s second-in-command official, announced Thursday in a memo to employees that he is stepping down from his position with the CFPB.

Antonakes, who currently serves as Deputy Director at the Bureau to Director Richard Cordray, announced that he is leaving the CFPB to return to Massachusetts, where his family resides. He said in the email to employees that he has been commuting from Boston for five years and has “logged hundreds of thousands of miles and missed entirely too many class plays, teacher conference meetings, and little league games.”

“Accordingly, I have decided to return home to Massachusetts and pursue opportunities that will ensure that I am home for dinner with my wife and family and can assist my five children with their homework,” Antonakes said in the memo.

Before being appointed as the CFPB’s Deputy Director, Antonakes served as the Bureau’s Assistant Director of Large Bank Supervision.

“Steve has been an enormous asset to the Bureau, and a great friend and colleague to me since our time together in SEFL in the early days of the Bureau,” Cordray said in an email to employees. “His contributions to this agency have been extensive in his dual roles as Deputy Director and SEFL Associate Director, and I know many of you share my appreciation for all his work. I have great respect for Steve’s decision to move closer to his family given my own situation with a weekly interstate commute.  It is not easy to juggle work at the Bureau with family far away during the week, and Steve has done so incredibly well.”

Antonakes began his professional career as an entry level bank examiner with the Commonwealth of Massachusetts Division of banks in 1990 and later served in several managerial capacities. He served as Commissioner of Banks from 2003 to 2010, becoming only the second career bank examiner to serve in that position. Antonakes received the Government Service Award from NeighborWorks America in 2007 for his work in combating foreclosures. He has a bachelor’s degree from Penn State University, a master’s from Salem State University, and a Doctorate in Philosophy in Law and Public Policy from Northeastern University.

“My time at the Bureau has been the apex of my 25 years in government and bank regulation.  I have been blessed to do worthwhile and interesting work alongside, smart, tenacious, and dedicated public servants,” Antonakes said. “It is in many ways a bittersweet decision.  However, I am confident that this team will continue to do great work for American consumers.  I wish you all the best.”

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