The Obama Administration announced on Tuesday that Raj Date will replace Elizabeth Warren and will lead the Consumer Financial Protection Bureau's day-to-day operations effective Aug. 1.
Warren will resume her professorship at Harvard Law School after Date replaces her as special advisor to the Treasury secretary on matters relating to the Consumer Financial Protection Bureau, according to the National Association of Federal Credit Unions.
Currently, Date serves as the Bureau’s associate director for research, markets and regulations. Prior to coming to the newly created agency, Date worked for more than a decade in the financial services industry, including as senior vice president of Capital One Financial and managing director of Deutsche Bank.
Democrats and consumer protection advocates had hoped that Warren would lead the Bureau as its first director, but Republican threats to block her nomination led President Obama to nominate former Ohio Attorney General Richard Cordray to direct the agency.
“Professor Warren has done an extraordinary job standing up the Consumer Financial Protection Bureau,” Treasury Secretary Timothy Geithner said, according to the Washington Post. “Her efforts to simplify mortgage and credit card disclosures, protect military families from abusive and deceptive financial practices, and bring aboard top talent like Richard Cordray and Raj Date have built a strong foundation for the bureau’s future success.”