WASHINGTON, D.C. — Along with testifying in front of the
Senate Banking Committee about the agency's semiannual report, the director of
the Consumer Financial Protection Bureau made several changes and new additions
to the CFPB's senior leadership this week.

Director Richard Cordray announced who will be the regulator
in the newly created office of financial institutions and business liaison, as
well as who now will be the assistant director for legislative affairs.

Taking on the newly created role is Dan Smith, who will head up the
office designed to connect the CFPB with bank and nonbank trade associations,
financial institutions and businesses to enhance collaboration and
communication as the bureau continues in its work to make markets more
accessible and efficient for consumers.

Meanwhile, Cordray indicated Catherine Galicia now will serve as
the new assistant director for legislative affairs.

"I am very pleased to announce these updates to our
leadership team as well as the creation of the office of financial institutions
and business liaison," Cordray said.

"As the bureau moves forward with its important work, we
continue to build a strong, talented team and to enhance our outreach to all
stakeholders involved in improving markets for consumers and responsible
businesses," he continued.

The CFPB highlighted that Smith comes to the agency having
previously served as the director for industry and state relations at Freddie
Mac.

Prior to working at Freddie Mac, Smith represented Fortune
500 companies as vice president at Dehart and Darr Associates for 15 years.

The agency noted Galicia comes to the CFPB with extensive
experience in both the U.S. Senate and House of Representatives as well as in
the private sector.

Most recently, Galicia served as senior counsel for the
Senate Committee on Banking, Housing and Urban Affairs under the chairman, Sen.
Tim Johnson. She helped draft the consumer protection provisions of the
Dodd-Frank financial reform law as a counsel to then-Senate Banking chairman,
Sen. Chris Dodd.

Previously, Galicia served as a vice president and director
of government affairs at Banco Popular in Washington, D.C. Galicia has also
served on the staff of Sen. Evan Bayh, Rep. James Maloney, and Rep. Nydia
Velazquez.

The bureau also announced some additional changes to CFPB
staff.

Lisa Konwinski, previously the bureau's assistant director
for legislative affairs, will now be serving as its deputy associate director
for external affairs.

Konwinski joined the Bureau in 2011 after serving as deputy
director of legislative affairs for President Obama. She was previously general
counsel for the Senate Budget Committee under the Chairman, Sen. Kent Conrad,
and also worked for Rep. Louise Slaughter and Rep. Marcy Kaptur in the House of
Representatives.

Prior to that time, Konwinski was an attorney at the law
firm of Moore & Van Allen in Charlotte, N.C., where she practiced
commercial litigation.

The CFPB also said Hubert "Skip" Humphrey will transition
from his role as assistant director in the office of older Americans to remain
with the bureau as a senior liaison officer.

As senior liaison, the agency explained Humphrey will focus
in particular on expanding the Office's efforts to build strong working
relationships with state, local, public and private organizations and continue
to highlight the work of the older Americans office and the bureau.

"He brings to this new role as senior liaison office his
lifetime of experience working on the consumer financial issues that impact
older adults," officials said. "His new role will also allow him the time to be
with family and friends in his native Minnesota."

Corday Addresses Senate Again

Cordray appeared during a Senate Banking Committee hearing
on Tuesday to discuss the CFPB's semiannual report that covered the agency's
work during the last six months of last year.

"Born out of the worst financial crisis since the Great
Depression, the Consumer Financial Protection Bureau is the nation's first
federal agency whose sole focus is protecting consumers in the financial
marketplace. We are dedicated to improving the lives of everyday Americans and
to restoring trust in consumer financial markets," Cordray said.

The CFPB director highlighted the agency's work on issues
such as student loans, debt collection and policy enforcement.

"The work I have discussed here is merely a snapshot of our
efforts on behalf of consumers. We also are addressing consumer complaints on a
growing number of financial products and services, totaling more than 130,000
to date," Cordray said.

"Each day, we take another step in pursuit of our vision to
create a consumer financial marketplace where customers can see prices and
risks up front and easily make product comparisons; in which no one can build a
business model around unlawful practices; and that works well for individual
consumers, responsible businesses, and the economy as a whole," he went on to
say.

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