CFPB to Lose Deputy Director in January

The Consumer Financial Protection Bureau (CFPB) Monday confirmed reports that Deputy Director Raj Date will be leaving the agency at the end of January. Date is the CFPB’s second highest-ranking official.

The CFPB has not made an official public announcement on the plans, but spokespersons confirmed early reports with many national news outlets.

Date was instrumental in the formation of the CFPB, working alongside Elizabeth Warren in the agency’s genesis and becoming one of the Bureau’s first employees.

He left consumer banking – which featured positions at Capital One and Deutsche Bank – in 2009 to start a nonprofit think tank devoted to promoting the regulation of financial firms. He began working with Warren and other officials in drafting plans for the CFPB in fall 2010. Date ostensibly ran the CFPB after Warren departed in August 2011 and before Richard Cordray was named director in January 2012.

Date, according to the statements, does not have immediate plans, other than spending time with his family. The 41-year old has been very visible in his role, speaking at many conferences and summits in the financial services industry, including ARM events.