Raj Date, the former deputy director of the U.S. Consumer Financial Protection Bureau, has formed a consulting firm to focus on the industry his agency regulated.
Fenway Summer LLC, Date’s new Washington-based firm, will advise clients on business strategy, work on mergers and acquisitions, and help new firms that “have little more than an idea to start with,” Date said in an interview. In his new role he won’t lobby for clients or advise them on government relations, he said.
“I am not especially interested in technical compliance work and government focus,” he said. “I think it’s important work, but it’s not where my particular background or expertise lies.”
Date, 42, was the first deputy director of the bureau, which was created by the 2010 Dodd-Frank Act that overhauled U.S. financial regulation. He helped Democratic Senator Elizabeth Warren of Massachusetts, then an adviser to President Barack Obama, set up the agency 2010 and 2011. He briefly led the bureau before Obama named Richard Cordray director in January 2012.
Date is also an external adviser to McKinsey & Co., one of his former employers, according to a person briefed on his work. He declined to speak about that engagement.
McKinsey spokeswoman Yolande Daeninck did not respond to a request for comment.
A former consumer finance executive at Capital One Financial Corp. and Deutsche Bank AG, Date said that changes to bank business models and the emergence of new technologies offer chances to recast some fundamental products, such as the checking account.
New businesses “could make the products vastly cheaper to deliver and offer something to medium-income households,” Date said.
The name of the new firm is a Massachusetts-oriented allusion to a public-policy group Date founded to participate in the debate over Dodd-Frank, the Cambridge Winter Center for Financial Institutions Policy.