For Immediate Release - November 16, 2010

Commissioner of Banks Steven L. Antonakes Named to Leadership Position at the Consumer Financial Protection Bureau

Division of Banks Chief Operating Officer David J. Cotney Named Acting Commissioner

BOSTON - November 16, 2010 - The United States Treasury announced today that Massachusetts Commissioner of Banks Steven L. Antonakes, who has played a leadership role on banking issues on the state and national levels, has been selected to head the Bank Supervision Group at the new federal Consumer Financial Protection Bureau (CFPB).

David J. Cotney, the Chief Operating Officer of the Division of Banks, has been named Acting Commissioner of the Division of Banks.

Antonakes has served as Commissioner of Banks since 2003. He began his professional career in 1990 as a bank examiner, and rose through the ranks of the Division to become Commissioner. Along with regulating 240 state-chartered banks with assets of approximately $255 billion, Antonakes has played a leadership role in the Patrick-Murray Administration's response to the foreclosure crisis. Antonakes has also played a significant role on the national level, leading negotiations on a number of multi-state settlements with mortgage lenders and other entities, and developing and implementing the Nationwide Mortgage Licensing System.

"I thank Commissioner Antonakes for his service and his stewardship of one of the strongest banking systems in the country," said Governor Deval Patrick. "He has done an outstanding job for the people of the Commonwealth, and will be a great addition to the Obama Administration."

"Commissioner Antonakes is a skilled regulator who effectively balanced the needs of consumers with those of the banking industry," said Barbara Anthony, the Undersecretary of the Office of Consumer Affairs and Business Regulation. "We certainly understand why the Department of the Treasury and Elizabeth Warren would select him for this important position."

At the CFPB, Antonakes will oversee the examinations of the largest banks and credit unions in the nation to ensure compliance with federal consumer protection laws and regulations.

"While I look forward to the new challenges ahead, I will look back fondly at my work at the Division of Banks," Antonakes said. "Massachusetts has historically led the nation in consumer protection. Our state-chartered banking industry remains healthy and well capitalized. This demonstrates that safety and soundness and consumer protection are not competing goals."

Cotney has served in a variety of positions in the Division of Banks during his 20-year career. Like Antonakes, Cotney began at the Division as a bank examiner and most recently served as the Division's Chief Operating Officer.

Cotney is the first state regulator to ever Chair the Federal Financial Institutions Examination Council's (FFIEC) Consumer Compliance Task Force. He holds a Bachelor Arts degree from Tufts University, a Master in Public Administration from Harvard University's John F. Kennedy School of Government, and a Master of Business Administration from Boston University.

The Division of Banks oversees state-chartered banks, check sellers, debt collectors, foreign transmittal agencies, lenders, and mortgage brokers, and is an agency within the Office of Consumer Affairs and Business Regulation. Follow the Office at www.mass.gov/consumer, its Consumer Connections Blog and at its Twitter feed, @Mass_Consumer.