Meredith Fuchs Named Acting Deputy Director Of CFPB

Posted by Patrick Barnard on July 22, 2015 No Comments
Categories : Mortgage Servicing

Meredith Fuchs will replace Steve Antonakes at the Consumer Financial Protection Bureau (CFPB), the bureau has announced.

News that Antonakes was stepping down from his role as deputy director came last week. A report in the Wall Street Journal, citing an internal memo distributed among CFPB employees, says Antonakes is leaving to spend more time with his family.

‘I have logged hundreds of thousands of miles and missed entirely too many class plays, teacher conference meetings, and little league games,’ Antonakes says in the memo, as per the WSJ report.

Fuchs, who serves as general counsel for the bureau, will serve as acting deputy director until a permanent replacement is found, the CFPB says in a release. Antonakes will leave at the end of July.

Antonakes also serves as associate director for the division of supervision, enforcement and fair lending.

Earlier this month, Fuchs announced her intention to step down as general counsel for the CFPB, however, she will serve as general counsel and acting deputy director until a permanent replacement is selected for each position.

David Bleicken, deputy associate director for supervision, enforcement and fair lending, will serve as acting associate director for that division while a search for a replacement is conducted, the bureau says in its release.

Antonakes gained notoriety during the Mortgage Bankers Association's 2014 National Mortgage Servicing Conference & Expo, when he blasted mortgage servicers for a ‘lack of progress’ in adhering to the CFPB's new servicing rules and in fixing the problems consumers were facing when communicating with their servicers.

He said although many servicers had made a ‘good faith effort,’ the remaining high degree of errors made his job as a regulator feel like ‘Groundhog Day,’ in reference the popular film starring Bill Murray, with the same mistakes occurring over and over.

‘Please understand, business as usual has ended in mortgage servicing,’ Antonakes said in his speech. ‘Groundhog Day is over.’

Fuchs joined the CFPB in 2011 as principal deputy general counsel before serving as chief of staff to Richard Cordray, director of the bureau. Prior to joining the CFPB, she served as chief investigative counsel of the U.S. House of Representatives Committee on Energy and Commerce. Previously, Fuchs held positions as vice president and general counsel of the National Security Archive at George Washington University, a litigation partner in private practice, the Supreme Court Assistance Project Fellow at the Public Citizen Litigation Group, and an officer on the D.C. Bar Board of Governors.

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