New CFPB Supervision Head Under Fire

Controversy is swirling around a recent appointment to one of the top positions at the Consumer Financial Protection Bureau, and as American Banker reported on Wednesday (Aug. 17), the scrutiny revolves around the newly installed head of supervision and enforcement of fair lending.

As noted by the publication, Chris D’Angelo, who assumed the position last month, has been looked askance at by some observers tied to what some have termed his “political background and relative inexperience,” as AB termed it. D’Angelo, in his new role, stands as the third most senior person at the CFPB. He had previously been chief of staff at the CFPB, a position held for three years prior to this most recent promotion. The publication stated that D’Angelo was chosen over other candidates in a field that included more experienced regulators, women and minorities. The newest role has oversight of 700 staff employees and lawyers.

Some observers told the publication that D’Angelo’s move up through the ranks may have been eased a bit by the fact that he worked with CFPB Director Richard Cordray as a senior advisor for a few years.

But in an interview with AB, Todd Zywicki, a law professor at George Mason University, said: “It’s an unusual move to go from being chief of staff to head of enforcement, especially for somebody who doesn’t have a deep background in that area. This really is an important role, and it’s one that at most [regulatory] agencies [is] held by an experienced lawyer or someone with decades of supervisory experience.”