Steven L. Antonakes is leaving his post as the state commissioner of banks to join the Consumer Financial Protection Bureau (CFPB) implementation team to build the consumer supervision program for the nation’s largest depository institutions, the U.S. Treasury announced today.

David J. Cotney, the chief operating officer of the Division of Banks, has been named acting commissioner of the Division of Banks.

Antonakes has served as commissioner since 2003. In his new role, Antonakes will oversee the examinations of the largest banks and credit unions in the nation to ensure compliance with federal consumer protection laws and regulations, according to a statement.

"I thank Commissioner Antonakes for his service and his stewardship of one of the strongest banking systems in the country," said Gov. Deval Patrick. "He has done an outstanding job for the people of the commonwealth, and will be a great addition to the Obama administration."

"Commissioner Antonakes is a skilled regulator who effectively balanced the needs of consumers with those of the banking industry," said Barbara Anthony, the undersecretary of the Office of Consumer Affairs and Business Regulation. "We certainly understand why the Department of the Treasury and Elizabeth Warren would select him for this important position."

"While I look forward to the new challenges ahead, I will look back fondly at my work at the Division of Banks," Antonakes said. "Massachusetts has historically led the nation in consumer protection. Our state-chartered banking industry remains healthy and well capitalized. This demonstrates that safety and soundness and consumer protection are not competing goals."

Cotney has served in a variety of positions in the Division of Banks during his 20-year career. Like Antonakes, Cotney began at the division as a bank examiner and most recently served as the division’s chief operating officer.