Statement from US Consumer Coalition on Resignation of CFPB Deputy Directorposted July 16, 2015
July 16, 2015 – Washington, D.C. – The US Consumer Coalition (USCC) released the following statement in response to reports that the Deputy Director of the Consumer Financial Protection Bureau (CFPB), Steven Antonakes, is resigning from the agency, according to an internal agency memo obtained by American Banker:
“U.S. consumers can breathe a little easier today knowing that the driving force behind many of the ill-advised and misguided regulations, as well as the toxic workplace that the Bureau has become, is stepping down.”
“Mr. Antonakes advanced a political agenda at the Bureau that moved the CFPB away from its mandate to fight fraud and educate the public about consumer financial products. The agenda that Mr. Antonakes pushed at the Bureau intended to take away choices for Americans living in communities that have been underserved by traditional banks and credit unions. The agenda that Mr. Antonakes pushed at the Bureau basically told consumers that they were not smart enough to make their own financial decisions. With Mr. Antonakes gone, we have confidence that Director Cordray can redirect the agency to focus on its mission of public education, and to enable access to products, rather than eviscerate choice, for consumers in the marketplace.”
The US Consumer Coalition (USCC) is a grassroots consumer advocacy organization working to protect and expand access to free-market goods and services.