Executive Changes: CFPB Announces Multiple Senior Leaders

Yesterday, the Consumer Financial Protection Bureau (CFPB) announced the addition of several new members to leadership positions within the Bureau. The positions being announced today are: the Deputy Associate Director for the External Affairs Division; the Deputy Associate Director for the Consumer Education and Engagement Division; the Student Loan Ombudsman and the Assistant Director for the Office for Students and Young Consumers; the Assistant Director for the Office of Small Business Lending; the Assistant Director for the Office of Consumer Response; and the Midwest Regional Director for the Office of Supervision Examinations.

“I am very pleased to announce these new additions and updates to the CFPB leadership team,” said CFPB Director Richard Cordray. “These talented individuals will help us carry out our mission of protecting consumers and making markets work for everyone.”

The following individuals were announced today as joining the CFPB leadership team:

Elizabeth Ellis will serve as the Deputy Associate Director for the External Affairs Division. Ms. Ellis previously served as the Deputy Assistant Director for the Office of Financial Institutions and Business Liaison at the CFPB. Before that, she worked as the Senior Advisor to the Bureau’s Chief of Staff. Prior to joining the CFPB, Ms. Ellis was a financial analyst on the Congressional Oversight Panel, where she evaluated the Troubled Asset Relief Program (TARP) and reviewed the state of financial markets and the regulatory system. Before working in government, Ms. Ellis was a senior associate at PricewaterhouseCoopers LLP, in the banking and capital markets audit practice.

Seth Frotman will serve as the CFPB’s new Student Loan Ombudsman and Assistant Director for the Office for Students and Young Consumers. Previously, Mr. Frotman served in the same positions on an acting basis. Mr. Frotman originally joined the Bureau as part of the Treasury Implementation Team in early 2011 as senior advisor to Holly Petraeus, the Assistant Director for the Office of Servicemember Affairs. He has also worked on the Senate Committee on Health, Education, Labor, and Pensions and was the Deputy Chief of Staff for U.S. Rep. Patrick Murphy. Before coming to Washington, he served as an assistant staff counsel for the New Jersey State Senate and clerked on the United States Court of Appeals for the Third Circuit.

Katherine Gillespie will serve as the Deputy Associate Director for the Consumer Education and Engagement Division. Previously, Ms. Gillespie served in the same position on an acting basis. Prior to that, Ms. Gillespie worked as Senior Counsel to the Bureau’s Deputy Director and the Associate Director of the Supervision, Enforcement, and Fair Lending Division. Ms. Gillespie originally joined the CFPB in 2011 as a senior counsel in the Office of Fair Lending and Equal Opportunity. Prior to joining the Bureau, Ms. Gillespie worked as a civil rights attorney at the law firm Relman, Dane & Colfax where she focused on litigating fair housing and other civil rights issues. Before that, Ms. Gillespie was an attorney at WilmerHale. Ms. Gillespie clerked for the chief judge of the United States Court of Appeals for the Ninth Circuit.

Grady Hedgespeth is joining the CFPB as the Assistant Director for the Office of Small Business Lending Markets. Prior to joining the Bureau, Mr. Hedgespeth served as the Director of the Office of Economic Opportunity for the U.S. Small Business Administration. Mr. Hedgespeth originally joined the Small Business Administration in 2007 as the Director of the Office of Financial Assistance where he oversaw the agency’s business lending programs. Before working in government, Mr. Hedgespeth led two different national small business community development financial institution lenders and created several businesses focused on underserved markets at some of the nation’s largest banks.

Chris Johnson will serve as the Assistant Director for the Office of Consumer Response. Previously, Mr. Johnson served in the same position on an acting basis. Mr. Johnson joined the Office of Consumer Response in January 2011 as a member of the Treasury Implementation Team. Within the Office of Consumer Response, Mr. Johnson has worked as the Deputy Assistant Director, a section chief, and a quality assurance manager. Prior to joining the CFPB, Mr. Johnson was the Director of Service Operations and Customer Care for Easterns Automotive Group, where he oversaw field service operations as well as the company’s centralized complaint handling, customer feedback, regulatory response, and service scheduling functions. In addition, Mr. Johnson has served in various leadership roles in automotive retail, consumer credit card collections, project management, and call center operations for CarMax Auto Superstores, Inc., Circuit City Stores, Inc., and First North American National Bank.

John Schroeder will serve as the Midwest Regional Director for the Office of Supervision Examinations. Previously, Mr. Schroeder served in the same position on an acting basis. Mr. Schroeder joined the CFPB in March 2013. Prior to becoming an acting regional director, he worked as the Assistant Regional Director and as a field manager in the Midwest region. Before coming to the Bureau, Mr. Schroeder spent over two decades working for the Indiana Department of Financial Institutions where he served as General Counsel and Deputy Director of Consumer Credit along with a number of other roles.