October 2, 2022

Volume XII, Number 275

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September 30, 2022

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CFPB Head of Enforcement to Step Down

On October 13, 2017, the Consumer Financial Protection Bureau announced the upcoming departure of its enforcement chief, Assistant Director of Enforcement Anthony “Tony” Alexis.

Assistant Director Alexis has been with the CFPB since 2012, and in a statement to The Wall Street Journal, CFPB Director Richard Cordray described him as “my strong right arm.” Before assuming his current role in 2015, Mr. Alexis served the Bureau as Acting Assistant Director and as Deputy Assistant Director for Field Litigation.

This is the highest-level departure from the Bureau since the election, and comes at a time when many are watching to see whether Director Cordray will serve out his term (ending in July 2018) or resign early to run to become the governor of Ohio.

Mr. Alexis will serve until his successor has been chosen, and the Bureau has already posted a job listing for the position. The post provides a window into the Bureau’s conception of the role by describing its responsibilities as requiring the Assistant Director to:

  • Work with the senior management to plan, establish, direct, coordinate, and evaluate [the] CFPB’s enforcement programs.

  • Formulate and develop needed policies, procedures, and guidelines for conducting enforcement functions effectively and efficiently, and ensure that legal advice is in accordance with applicable laws and regulations.

  • Formulate, develop, and establish innovative methods, techniques and procedures to assure that the intent of the inaugural legislation is fully met.

  • Develop enforcement objectives and provide executive direction over relevant enforcement activities.

  • Develop and communicate overall implementation team vision, goals and objectives. Set organizational tone and direction and [create] and [model] an environment that fosters and sustains diversity, knowledge sharing, and consensus building.

© 2022 Covington & Burling LLPNational Law Review, Volume VII, Number 291
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About this Author

Luis Urbina, Covington Law Firm, regulatory and public policy lawyer
Associate

Luis Urbina advises clients on state and federal financial regulations. He assists banks, lenders, and technology companies with regulatory issues including bank chartering and compliance with consumer protection laws. He monitors developments regarding the Consumer Financial Protection Bureau (CFPB) and regarding the deployment of fintech services, including those dependent on blockchain technology.

202-662-5088
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