Raj Date, the deputy director of the U.S. Consumer Financial Protection Bureau, is leaving the agency at the end of January, Jen Howard, a bureau spokeswoman said in an e-mail.
Date, a former banker who ran the agency from August 2011 to early January, was an early hire to the bureau in the fall of 2010. During the debate over the Dodd-Frank law that created the agency, he had argued for it alongside Elizabeth Warren, the Harvard University law professor who subsequently became an Obama administration adviser charged with setting up the bureau.
Upon leaving, Date, 41, will have been out of the private sector for about four years. He left Deutsche Bank AG in 2009 to found the Cambridge Winter Center for Financial Institutions Policy, a research institute that published work on financial regulation. The organization became Date’s perch for participating in the Dodd-Frank debate.
Date currently has no other plans, other than to spend time with family, Howard said.
When Warren left the agency in July 2011, Date became its head, as the special adviser to the Treasury secretary for the CFPB. He had been the associate director for research, markets and regulations. Warren has since been elected to the U.S. Senate from Massachusetts.
The timing of Date’s departure will leave him in place to help wrap up several mortgage rules the CFPB is due to finalize by January, notably one on so-called qualified mortgages. It will also finish work on some mortgage service regulations.
As a former executive at Capital One Financial Corp. (COF) and Deutsche, Date served as Warren’s de facto liaison to the financial services industry. Date also helped create the structure of the CFPB, and hire its senior staff. When President Barack Obama installed Richard Cordray as the bureau’s director in January, Date became his deputy.
“As the agency’s first deputy director, Raj has helped to lead the agency’s organizational, strategic, and policy direction,” Howard said in her e-mail. “His legacy is a consumer bureau grounded in data-driven analysis, market-based pragmatism, and the real-world experiences of American consumers.”
Date is scheduled to speak at an event in Mountain View, California, headquarters of search engine giant Google Inc., on Nov. 14. It will mark the beginning of Project Catalyst, a CFPB plan to encourage consumer-friendly innovation.
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