Elizabeth Warren will step down Aug. 1 from her post as special advisor to the Treasury secretary at the Consumer Financial Protection Bureau (CFPB) and Raj Date, a high-ranking official at the new bureau, will replace her.
Treasury Secretary Timothy Geithner revealed the personnel changes late Tuesday afternoon.
"Professor Warren has done an extraordinary job" in setting up the CFPB, Geithner said. The bureau officially opened its doors on July 21 with a staff of 400.
Warren is returning to Harvard University where she is a law professor. Supporters are urging her to run for a U.S. Senate seat in Massachusetts next year.
Professor Warren was in the running to be the bureau's first director, but President Obama decided to nominate a less controversial figure, settling on former Ohio attorney general Richard Cordray instead. Cordray currently is chief of enforcement at the CFPB.
Raj Date joined the CFPB earlier this year as the associate director of research, markets and regulation. He previously worked on Wall Street.
“Raj has an impressive background in financial services, academia, government, and non-profit organizations, and I am pleased that he will serve in this new capacity as the CFPB continues moving forward with its important work," Geithner said.
The Treasury secretary is now the acting CFPB director. Special advisor Date will be running the bureau’s day-to-day operations until the Senate confirms a director.