HousingWire reported Monday that former CFPB deputy director Raj Date came under fire when lawmakers sent a letter questioning his post-CFPB role as founder of investment firm Fenway Summer.
But ethics advisors says those fears are overblown. American Banker interviewed experts familiar with the ethical standards governing former regulators:
"If he isn't representing clients before the agency or telling companies how to circumvent agency rules, we don't see a big problem here," said Michael Smallberg, an expert on "revolving door" issues at the Project for Government Oversight, a nonpartisan group focused on ethics. "We're much more concerned about government alumni who use their inside connections to weaken agency policies."