Starting August 1, Raj Date will replace Elizabeth Warren to run the day-to-day operations at the Consumer Financial Protection Bureau ("CFPB") until a director is appointed. Mr. Date currently serves as a top deputy to Ms. Warren as the Associate Director of Research, Markets, and Regulations, focusing on credit cards and mortgages. Most recently, the White House was reportedly considering nominating Mr. Date as the director of the new agency. The White House ended up nominating Richard Cordray, a former Ohio attorney general, last week.
Prior to joining the CFPB, Mr. Date founded Cambridge Winter Associates, a research organization, and pushed for the creation of the CFPB as part of Dodd-Frank. He is also a former banker with Capital One Financial Corp. and Deutsche Bank AG. In his current role at the CFPB, earlier this month he testified before Congress regarding mortgage servicing standards.
The CFPB began formal operations on July 21, while Mr. Cordray awaits Senate confirmation, which could be an uphill battle. Many Republicans plan to block any nominee unless President Obama agrees to significant structural changes for the CFPB. In the meantime, Ms. Warren plans to return to her teaching position at Harvard Law School this fall.