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CFPB’s No. 2 to Leave Agency

November 13, 2012

WASHINGTON, D.C. — According to a report from The Wall Street Journal, Raj Date, the No. 2 official at the Consumer Financial Protection Bureau (CFPB), will depart the agency he helped create on Jan. 31, 2013. Quoting an agency spokesperson, Date will leave “after the CFPB finalizes the slate of mortgage rules Congress mandated.”

Date has played a critical role in the agency’s mortgage rule-making project, which is said to be the agency’s signature and most complicated assignment.

The former Wall Street executive helped establish and make the case for the CFPB, which was created by the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010. According to the report, Date has strongly defended the agency and has been a key recruiter for the CFPB.

Date ran the agency after Elizabeth Warren, the agency’s chief architect, left in August 2011. He held the leadership role until President Barack Obama appointed Richard Cordray to the director’s post in January 2012. Cordray appointed Date as the agency’s deputy director following his appointment.

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