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Elizabeth Warren to Depart Consumer Financial Protection Bureau

Raj Date will replace Elizabeth Warren as special advisor to the secretary of the Treasury on the ""Consumer Financial Protection Bureau"":http://www.consumerfinance.gov (CFPB) when Warren departs from the agency at the end of this month, ""Treasury"":http://www.treasury.gov said in a statement Tuesday.


Warren is returning to her position as the Leo Gottlieb Professor of Law at Harvard Law School. She has served as special advisor to the Treasury secretary and to the White House on the CFPB since last fall, when she was appointed to the position by President Obama and charged with getting the new federal agency up and running.


The idea for the CFPB actually originated with Warren. She put the wheels in motion to establish such an agency when she sat at the head of the Congressional Oversight Panel for the Troubled Asset Relief Program (TARP) and was directly involved in the administration's response to the financial crisis.

With Warren's departure, Date will step up to lead the CFPB's day-to-day operations, effective August 1. Date currently serves as associate director of research, markets, and regulations at the CFPB. He oversees several offices, including mortgage Markets, credit information Markets, and specialty finance markets.

Before joining CFPB, Date worked for more than a decade in the financial services industry, both at Capital One Financial, where he was an SVP, and later at Deutsche Bank, where he was a managing director. He also founded the Cambridge Winter Center, a non-profit organization providing research on a variety public policy issues, including housing finance and consumer protection.

Last week, President Obama announced ""his intent to nominate"":http://dsnews.comarticles/obama-nominates-ohio-ag-to-head-consumer-financial-protection-bureau-2011-07-18 Richard Cordray, former Ohio attorney general, to be the first director of the CFPB.