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February 11, 2016

CFPB a Secret to One Secret Service Agent

“What the hell is the CFPB?” one Secret Service agent asked Steve Antonakes, deputy director of the Consumer Financial Protection Bureau.

Antonakes described this moment of confusion in a speech to the U.S. Chamber of Commerce Wednesday.

The director was running late to a meeting at the Financial Stability Oversight Council and crossed paths with the presidential motorcade.  The Secret Service had blocked his route to the meeting, but Antonakes saw one federal worker use her federal identification badge to pass through the barrier.

“I thought, well, I have one of those,” said Antonakes.  “So I took out my federal badge and showed it to the Secret Service officer, and he looked at me, and he said, ‘What the hell is the CFPB?'”

“So with that in mind, my goal today is to try to shed some light on how we intend to regulate consumer financial markets,” Antonakes told the laughing crowd at the Chamber’s 8th Annual Capital Markets Summit.

Corrected March 21, 1:35 p.m.

An earlier version of this post misspelled Antonakes’ name.

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