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Warren departs CFPB as Date takes over

Thursday 28 July 2011 - by Nicola York

The US Treasury has announced that Elizabeth Warren will be replaced by Raj Date as special adviser on the Consumer Financial Protection Bureau.

Professor Warren, who has received extensive criticism from Republicans during her time at the CFPB, will return to her position as the Leo Gottlieb Professor of Law at Harvard Law School and Date will take over from 1 August.

Date currently serves as associate director of research, markets, regulations at the CFPB. Before joining CFPB, Date worked at Capital One Financial, where he was a senior vice president, and later at Deutsche Bank, where he was a managing director. He will lead the bureau's day-to-day operations.

Warren has been the subject of much criticism from Republicans who wanted the CFPB's powers significantly watered down. At a recent hearing, US congressman Jim Cooper slammed the House Oversight Committee for its treatment of Warren, saying they had been rude and disrepectful to her.

Last week, President Obama announced the nomination of Former Ohio Attorney General Richard Cordray as the first director of the CFPB.

Treasury secretary Tim Geithner praised Warren for the "extraordinary job standing up the Consumer Financial Protection Bureau".

"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," he said on Wednesday.

Last year, President Obama signed into law the Dodd Frank Wall Street Reform and Consumer Protection Act, which included the strongest consumer protections in American history.

The Act created the CFPB, an agency with the primary mission of acting as a dedicated watchdog for American consumers. The CFPB helps ensure that consumers have the information they need to make the financial choices that are best for them and works to prevent abusive and deceptive financial practices.

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