WASHINGTON, D.C. — This morning, the Consumer Financial
Protection Bureau announced Steve Antonakes has been officially named deputy
director of the agency. Antonakes had been serving as the acting deputy director
of the CFPB.

Officials indicated Antonakes will continue to maintain
responsibility for his duties as the associate director for supervision,
enforcement, and fair lending at the CFPB.

"I am happy to announce that Steve will be the official
deputy director of the bureau," CFPB director Richard Cordray said. "He has
adeptly led — and will continue to lead — our supervision, enforcement and fair
lending teams.

"Steve's experience, his knowledge, and his judgment are
vital in helping us achieve our mission of fostering a thriving, sustainable
marketplace for both consumers and responsible businesses," Cordray continued.

Antonakes' background includes more than two decades as a
financial services regulator. He first joined the CFPB in November 2010 as the
assistant director for large bank supervision and was named the associate
director for supervision, enforcement, and fair lending in June of last year.

Antonakes began his professional career as an entry-level
bank examiner with the Commonwealth of Massachusetts Division of Banks in 1990.
He served in numerous managerial capacities, including serving as former Commissioner
of Banks Thomas Curry's deputy for nine years, before being appointed by
successive governors to serve as the Commissioner of Banks from December 2003
until November 2010, becoming only the second career bank examiner to ever
serve in that capacity.

In addition, Antonakes served as the first state voting
member of the Federal Financial Institutions Examination Council (FFIEC), as
the vice chairman of the Conference of State Bank Supervisors (CSBS), and as a
founding member of the governing board of the Nationwide Mortgage Licensing
System (NMLS).

Antonakes also received NeighborWorks America's Government
Service Award for his work in combating foreclosures in March 2007.

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