Warren's Wall Street hires shape CFPB's future
Consumer advocate Elizabeth Warren is relying on top Wall Street talent to get the new Consumer Financial Protection Bureau up and running.
When the CFBP officially launches in July, it will have policing power over mortgage disclosures through the Truth in Lending Act.
This week, Warren selected former Deutsche Bank ($46.46 0.7%) Managing Director Rajeev Date to serve as the agency's associate director for research, markets and regulations. In his role, Date will oversee the mortgage market and consumer credit segments. Date previously served Capital One Financial ($62.10 0.1%) as senior vice president before founding the nonprofit Cambridge Winter Center.
Warren also hired Elizabeth Vale, a former managing director at Morgan Stanley ($54.11 0.26%), to serve as assistant director for community banks and credit unions. She previously served the White House as business liaison and executive director and brings 22 years investment experience.
Warren fleshed out her appointments by naming Patricia McCoy assistant director for the mortgage and home equity markets and Corey Stone head of CFPB's Credit Information Markets team.
The appointments arrive at a time when the Consumer Financial Protection Bureau is facing heat from lawmakers who are challenging the agency's funding.
Republican Congressman Randy Neugebauer (R-TX) introduced a bill last week, suggesting the CFPB should be merged into the Treasury Department for oversight purposes.
The CFPB is currently under the purview of the Federal Reserve Board.
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