On November 19, Peggy Twohig '83 was selected to help lead the implementation team at the new Consumer Financial Protection Bureau (CFPB). Previously the director of the Office of Consumer Protection and Policy in the United States Department of Treasury, Twohig also spent 17 years with the Federal Trade Commission. Twohig will head the CFPB’s non-depository supervision team, which will conduct research and policy analysis. Steve Antonakes, the former commissioner of banks for the Commonwealth of Massachusetts, will join Twohig on the CFPB implementation team. The CFPB was established by the Dodd-Frank Act, and signed into law by President Barack Obama in July.
"There are plenty of good lenders out there that want to build their businesses around providing good service to their customers, but the market doesn't work for them when some of their competitors aren't playing by the same rules," said Elizabeth Warren, who serves as assistant to the President and special advisor to the Secretary of the Treasury on the CFPB. "Peggy and Steve will play critical roles in building a CFPB that will level the playing field between bank and non-bank lenders. For the first time consumer credit is going to be regulated by product instead of by the kind of company selling it, and these two will be instrumental in developing this new approach."
Posted December 1, 2010