Raj Date, the deputy director of the Consumer Financial Protection Bureau, will leave the agency he helped to establish on Jan. 31.
Date has been a key player in the CFPB’s mortgage rule-writing project, coordinating with top-level bank management and officials from consumer advocate groups, NASDAQ reports.
The “qualified mortgage” rule is designed to protect American consumers from abusive lending practices that helped fuel the recent housing crisis. The rules are likely to become part of the agency’s signature projects, though if the regulations are written too strictly, stakeholders warn that the rules could cause the market for home loans to dry up.
Date will stay on until “after the CFPB finalizes the slate of mortgage rules” mandated by the 2010 Dodd-Frank Act.
“Raj has spent more than two years building the agency at a breakneck pace, playing a number of key leadership roles,” CFPB spokeswoman Jen Howard said, according to NASDAQ.
Date joined the agency in 2010 as an adviser to Elizabeth Warren, who is often recognized as having come up with the idea for the CFPB. He led the CFPB from shortly after its operational beginning in August 2011 until January 2012, after which time President Obama appointed Richard Cordray as director.
Date helped to establish the CFPB, which was strongly opposed by the financial services industry, and his familiarity with Wall Street helped to quell industry concerns, NASDAQ reports.
Before coming to the CFPB, Date worked for Deutsche Bank and Capital One. He founded the Cambridge Winter Institute, a think-tank organization that advocated financial reform, in 2009.
Howard said that Date has “no current plans for his career after the CFPB, other than to spend more time with his family,” according to NASDAQ.