WASHINGTON — The Treasury Department said Tuesday that Elizabeth Warren is stepping down as the special advisor to the secretary effective August 1.
Raj Date, the bureau's associate director of research, markets and regulations, will take over for Warren when she returns to Harvard Law School next month.
Date had been floated as a possible candidate to lead the bureau as its first director. But the White House instead nominated former Ohio attorney general Richard Cordray, the bureau's enforcement chief, last week.
Date will oversee the day-to-day operations of the bureau until a permanent director is confirmed by the Senate.
"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," Treasury Secretary Tim Geithner said in the press release.
Before joining CFPB, Date worked for more than a decade in the financial services industry, both at Capital One Financial, where he was a senior vice president, and later at Deutsche Bank, where he was a managing director. In 2009 he founded the Cambridge Winter Center, a nonpartisan think tank focused on U.S. financial institutions policy.
Warren has served as the agency's de-facto head since last year. She was considered the lead candidate to head the bureau on a permanent basis, but Democrats have been trying to convince her to run for Senate against Sen. Scott Brown, R-Mass.
