Raj Date, the former deputy director for the Consumer Financial Protection Bureau who resigned from the CFPB earlier this year, has opened an advisory firm for banks focusing on consumer finance, according the American Banker. He is the third senior official from the bureau to do so since the CFPB opened in 2010.
Date was a key player in the first months of the CFPB. After the Dodd-Frank Act created the agency in 2010, he served as head of research, markets and regulation before becoming acting director as the bureau awaited for Congress to confirm a director. He also helped craft the CFPB’s new mortgage rules.
Now, he has followed the trend for senior CFPB officials, joining the private sector to gain from his specialization in consumer-compliance. In August, Leonard Chanin, assistant director of the bureau’s Office of Regulations, left to bring his broad experience on consumer regulation to private practice with Morrison & Foerster, a law firm with offices throughout the world including Washington, D.C. He followed Deepak Gupta, the CFPB’s former senior enforcement counsel, who left to start a consumer advocacy law firm.
Date’s firm will be called Fenway Summer LLC and will be based in Washington, D.C., according to the American Banker. He will be the managing partner.