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Research, Markets & Regulations

Research, Markets & Regulations is responsible for monitoring consumer financial markets, conducting research, and writing rules.

Research, Markets & Regulations

Janis K. Pappalardo

Janis K. Pappalardo, Associate Director

Dan Sokolov

Dan Sokolov, Deputy Associate Director

Division offices

Competition & Innovation

Ann Epstein, Assistant Director

The Office of Competition and Innovation works with consumer groups, regulators, industry and other stakeholders to promote competition, innovation, and consumer access in the financial marketplace.

Consumer Credit, Payments, & Deposits Markets

John McNamara, Assistant Director

The Office of Consumer Credit, Payments, & Deposits Markets monitors and analyzes virtually all non-mortgage consumer financial services industries, including consumer, credit card, auto, and student lending; consumer reporting and consumer data access; debt collection; deposits; and all forms of consumer payments. The office also provides subject matter expertise and market insights to policymaking, including major rulemakings, related to these markets.

Mark McArdle

Mortgage Markets

Mark McArdle, Assistant Director

The Office of Mortgage Markets monitors, analyzes, and performs outreach with many segments of the mortgage industry, including originations, servicing, secondary markets, and trade associations. The office also provides subject matter expertise and market insights to major rulemakings related to mortgage markets.


Susan Bernard, Assistant Director

The Office of Regulations supports and provides strategic direction for the Bureau’s rulemaking, interpretive guidance and regulatory implementation functions.  


Jason Brown, Assistant Director

The Office of Research supports the design and implementation of consumer protection policies through research, analysis, forecasting, and measurement. 

Grady Hedgespeth

Small Business Lending Markets

Grady Hedgespeth, Assistant Director

The Office of Small Business Lending Markets monitors, analyzes, and engages with providers of credit to small businesses, including traditional lenders, specialty financing, and emerging technologies. The office also advises on major rulemakings, including requiring reporting of race, sex, and ethnicity data as it relates to women- and minority-owned, and small business lending.