Warren to leave CFPB Aug. 1

Elizabeth Warren, the Harvard professor who built the structure of the new Consumer Financial Protection Bureau, is leaving her position as special adviser to Treasury Secretary Timothy Geithner and returning to her position at Harvard Law School, the CFPB said Tuesday. Warren’s departure officially takes effect Aug. 1. She will be replaced by Raj Date, who at one point was rumored to be the president’s top pick to serve as CFPB director. Instead, the president announced plans earlier this month to nominate former Ohio Attorney General Richard Cordray to the CFPB director post. Even though the CFPB went live July 21, Cordray has yet to be confirmed as director, and opponents of the CFPB’s current structure have expressed concerns about his nomination as well. Warren’s yearlong journey at the CFPB has been dogged by congressional dissent and rumors that after framing the agency’s infancy, she would naturally step into the director role. Instead, Warren is leaving the CFPB altogether. Despite Warren’s perceived difficulties at the CFPB in terms of the battle over the size and structure of the agency, media outlets have continued to circulate rumors about Warren being a possible contender to challenge Republican Scott Brown for his Senate seat in Massachusetts. Going forward, Date will take over the special advisory post that Warren leveraged to design the agency. Date will be responsible for leading day-to-day operations, the CFPB said Tuesday. “Professor Warren has done an extraordinary job standing up the Consumer Financial Protection Bureau,” said Treasury Secretary Timothy Geithner. “Her efforts to simplify mortgage and credit card disclosures, protect military families from abusive and deceptive financial practices, and bring aboard top talent like Richard Cordray and Raj Date have built a strong foundation for the bureau’s future success.” Write to Kerri Panchuk.

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