Statement by Neil Milner, President & CEO
I am delighted by today’s announcement that Steve Antonakes will oversee the depository supervision unit of the new Consumer Financial Protection Bureau (CFPB) implementation team. In his role as Commissioner of Banks for the Massachusetts Division of Banks, Steve has proven to be a pragmatic and effective regulator not only of banks, but also of a broad range of depository and non-depository financial services providers. Steve has also illustrated, time and again, his commitment to protecting the consumers of Massachusetts. For example, his efforts to combat foreclosures were recognized in 2007 when he received NeighborWorks’ Government Service Award.
Steve’s distinguished career provides the supervisory and administrative expertise necessary to establish the CFPB’s bank supervision unit and to provide fair and effective oversight. In addition, Steve is a highly regarded leader among his state regulatory peers. As an officer of the Conference of State Bank Supervisors (CSBS) and a founding member of the Board of Managers of the State Regulatory Registry, a wholly owned subsidiary of CSBS which operates the Nationwide Mortgage Licensing System and Registry (NMLS) on behalf of state mortgage regulators, Steve has provided leadership and momentum to the states’ efforts to improve and standardize regulation, especially in the mortgage arena. Steve has represented the state regulatory system multiple times before Congress as he testified on a variety of issues. He was also state regulators’ first voting member on the Federal Financial Institutions Examination Council (FFIEC), a body comprised of state and federal regulators charged with prescribing uniform principles and standards for the supervision of financial institutions.
Steve will be a tremendous asset to the CFPB’s implementation team and will provide a valued perspective for the new regulatory agency.