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Washington
Date to take Warrens spot at CFPB
WASHINGTON (7/28/11)--Raj Date, who currently serves as the Consumer Financial Protection Bureau’s associate director of research, markets & regulations, will take on the role of special adviser to U.S. Treasury Secretary Tim Geithner when current adviser Elizabeth Warren leaves the CFPB on Aug. 1. Date, a Harvard Law graduate who has also worked for Capital One and Deutsche Bank, and founded the financial research nonprofit Cambridge Winter Center, will lead the CFPB’s day-to-day operations in his new position. The Treasury indicated that Warren would return to her prior position at Harvard in August. Geithner in a Treasury release praised Warren for her work in “standing up” the CFPB, simplifying mortgage and credit card disclosures, and protecting military families from deceptive financial practices, among other things. Date was brought into the CFPB by Warren last year. Another Warren recommendation, Richard Cordray, was tapped by President Barack Obama to lead the CFPB last week. Warren herself was long thought to be the frontrunner for the CFPB’s top post, but a number of key Republicans opposed Warren for the CFPB position, raising doubts about the ability of her nomination to clear the US Senate. Cordray's nomination also will require Senate confirmation and is not assured. Some in Congress are calling for structural changes to the CFPB before agreeing to confirm a director. While the CFPB still lacks an official director, the agency began its work on July 21. Authority over several consumer-related regulations has been transferred to the CFPB, and the agency has begun to communicate directly with the organizations it is now overseeing. The CFPB has also begun to accept consumer credit card complaints, and is working to address other consumer-related issues. Interim rules that will cover confidentiality, how testimony of records are made available to the public, and related Privacy Act and Freedom of Information Act requirements should soon be in the offing, and other administrative and internal CFPB matters are also being handled at this time, according to the agency. For more on the CFPB’s new regulatory responsibilities, use the resource link.


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