The Treasury Department Tuesday afternoon named two key members to its Consumer Financial Protection Bureau transition team to work on creating a supervisory regime for nonbank lenders and depository institutions.
Former Federal Trade Commission veteran Peggy Twohig will spearhead the effort to develop the first federal program to supervise non-depository lenders, servicers and credit card issuers.
Twohig was involved in many FTC civil actions against subprime lenders and servicers.
Massachusetts banking commissioner Steve Antonakes will build a consumer supervisory program for the nation's largest banks.
"Peggy and Steve will play critical roles in building a CFPB that will level the buying field between bank and non-bank lenders," said Elizabeth Warren, a special advisor to the Treasury secretary.
Warren is leading the startup of the new consumer protection bureau that will write and enforcement consumer regulations affecting all mortgage lenders regardless of charter.
When it comes to community banks, thrifts and credit unions with less than $10 billion in assets, enforcement will remain with their primary regulator.
The transition team is aiming to get the CFPB up and running in July 2011.
