CFPB's No. 2 Raj Date To Leave Agency January 31

Dow Jones Newswires 
November 12, 2012

Raj Date, the No. 2 official at the Consumer Financial Protection Bureau, is planning to soon leave the agency he helped create, a critical departure that is likely to kick off a high-speed search for his replacement. A spokeswoman on Nov. 12 confirmed Date's plans to depart the consumer bureau on Jan. 31, "after the CFPB finalizes the slate of mortgage rules Congress mandated." Date has been a key agency leader on the mortgage rule-writing project, meeting regularly with top bank executives and consumer group officials as the agency works to craft significant rules mandated by the 2010 Dodd-Frank law. Rules such as the so-called "qualified mortgage" rule are aimed at protecting consumers from sketchy home lending practices thought to have fueled the housing meltdown.
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