The Treasury Department has tapped a former Wall Street managing director to be in charge of the research, markets and regulation arm of the new Consumer Financial Protection Bureau (CFPB).
Late Thursday the agency named Raj Date, a former managing director at Deutsche Bank, to the post. Date, who also worked at credit card giant Capital One, will be responsible for making sure mortgages and other financial products are safe for consumers.
He will be in charge of drafting regulations to prevent unfair, deceptive and abusive practices.
Date is joining a Treasury CFPB implementation team that is working to get the agency up and running by July 22.
Elizabeth Warren, the leader of the CFPB implementation team, also announced that she hired Patricia McCoy as assistant director for the Mortgage and Home Equity Markets office. She will report to Date.
McCoy was the director of the Insurance Law Center and the Connecticut Mutual Professor of Law at the University Of Connecticut School Of Law before joining Warren's team. She previously practiced law as a partner at the Mayer Brown in Washington, D.C., specializing in financial services law and commercial litigation.
Warren now has more than 100 staffers working on her team. She recently hired former Ohio attorney general Richard Cordray to be in charge of CFPB's supervision and enforcement division.
