If there was any doubt about the new consumer protection bureau commencing operations on July 21, Steve Antonakes, the assistant director for large bank supervision, put that to rest when he addressed the bankers at the ABA Regulatory Compliance Conference last week in Washington. Read the below article by By Carter Dougherty.

Steven Antonakes, the top bank supervisor at the Consumer Financial Protection Bureau, said oversight of banks with more than $10 billion in assets will start as planned on July 21.

“We are all engines ready to go,” Antonakes, the assistant director for large bank supervision, said at a conference of the American Bankers Association in Washington.

Antonakes’s unit will supervise 111 banks, thrifts and credit unions controlling about 80 percent of U.S. banking assets, about $10 trillion worth, he said. The consumer bureau will conduct “point-in-time examinations” that will last four to 12 weeks, depending on the size and complexity of the firm.

“Presuming that the exam is clean, we’re out of your hair for two years’ time,” Antonakes said. “You’ll see us more frequently” if there are issues to be addressed, he said.  Read the full story at www.bloomberg.com.

To contact the reporter on this story: Carter Dougherty in Washington at cdougherty6@bloomberg.net