The U.S. Department of the Treasury has announced that Raj Date would replace Prof. Elizabeth Warren as Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau (CFPB), effective next Monday, Aug. 1. After a successful tenure starting up the CFPB, Prof. Warren will return to her position as the Leo Gottlieb Professor of Law at Harvard Law School. Date will lead the CFPB’s day-to-day operations and help continue the important work begun under Warren’s leadership.
Last week, President Barack Obama announced the nomination of Richard Cordray, Attorney General of the state of Ohio from January 2009-January 2011, as Director of the CFPB.
“Prof. Warren has done an extraordinary job standing up the Consumer Financial Protection Bureau. Her efforts to simplify mortgage and credit card disclosures, protect military families from abusive and deceptive financial practices, and bring aboard top talent like Richard Cordray and Raj Date have built a strong foundation for the Bureau’s future success,” said Treasury Secretary Tim Geithner. “Raj has an impressive background in financial services, academia, government, and non-profit organizations, and I am pleased that he will serve in this new capacity as the CFPB continues moving forward with its important work.”
Passage of the Dodd-Frank Act created the CFPB, an agency with the primary mission of acting as a dedicated watchdog for American consumers. The CFPB helps ensure that consumers have the information they need to make the financial choices that are best for them and works to prevent abusive and deceptive financial practices.
Raj Date currently serves as Associate Director of Research, Markets, & Regulations at CFPB. He oversees several offices, including Research, Regulations, Card Markets, Mortgage Markets, Credit Information Markets, Deposit Markets, and Specialty Finance Markets. Before joining CFPB, Date worked for more than a decade in the financial services industry, both at Capital One Financial, where he was a senior VP, and later at Deutsche Bank, where he was a managing director. In 2009, he left to found the Cambridge Winter Center, a non-profit, non-partisan organization dedicated to fostering an informed discourse on U.S. financial institutions policy. At Cambridge Winter, he served as chairman and executive director, conducting research on a variety of financial issues, including housing finance, small business credit, and consumer protection. He is a graduate of the University of California at Berkeley and Harvard Law School.