Home >> News >> Government >> Obama Mulls Warren Substitute
Print This Post Print This Post
Elizabeth Warren has hit another hurdle on the path to Consumer Financial Protection Bureau director, after a string of news reports revealed the administration is considering a former banker for the role. The buzz is that President Barack Obama and his advisers have begun to openly float Raj Date as a replacement nominee to fill the top position at the bureau. Date currently serves as a deputy under Warren and has ties to Capital One Financial and Deutsche Bank.

Obama Mulls Warren Substitute

Elizabeth Warren hit another hurdle on the path to ""Consumer Financial Protection Bureau"":http://www.consumerfinance.gov/ director Thursday, after a string of news reports revealed the Obama administration is considering a former banker for the role.

[IMAGE]

The buzz is that President Barack Obama and his advisers have begun to openly float Raj Date as a replacement nominee to fill the top position at the Consumer Financial Protection Bureau (CFPB). Date currently serves as a deputy under Warren and has ties to Capital One Financial Corp. and Deutsche Bank AG.

""The president is considering a number of candidates for this position and no decisions have been made,"" Jen Psaki, a White House spokeswoman, told _Bloomberg News_. A CFPB official, Jennifer Howard, declined to comment on the matter.

While the story is not new ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô _Reuters_ broke the news about a shortlist for new nominees in April ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô this is the first time anyone has identified a nominee. If put forward as the new

[COLUMN_BREAK]

face for CFPB, analysts say that officials think the former banker will help soothe Republican senators anxious about Warren's anti-Wall Street background and still satisfy financial industry watchdogs.

According to _The Nation_, Date previously served as a board member for Prosper Marketplace, a peer-to-peer lending company, as well as for Demos, a progressive think tank based in Washington, D.C.

He also founded the Cambridge Winter Center, an economic policy research firm that calls for ""regulation that limits the potential for├â┬ó├óÔÇÜ┬¼├é┬ª catastrophic failure"" in the financial services sector, according to its Web site.

Heather McGhee, a director for Demos, called Date ""one of the most effective advocates for consumer financial protection during the debate that culminated in the Dodd-Frank Act.""

Many consider CFPB a central tenet of the Dodd-Frank Act, which establishes the consumer bureau to regulate credit and financial services, calls for strict compliance measures in derivatives markets, and stipulates ""new qualifications"":https://themreport.com/articles/mortgage-bankers-praises-dodd-frank-comment-extension-2011-06-08 for lenders with securitization services for high-risk mortgage loans.

With 44 Republican senators vowing to stall the confirmation process for any CFPB nominee, as reported by Bloomberg News, others wonder whether a replacement like Date will receive the votes needed to head up the consumer bureau by July 21, when the agency launches formal operations.

Warren would know ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the Obama adviser and former Harvard professor is set to face her ""third hearing"":https://themreport.com/articles/due-date-set-for-warren-face-off-with-gop-2011-06-07 before the Senate in July.

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.
x

Check Also

FHA Updates Servicing Section of Its Single-Family Handbook

Federal Housing Administration (FHA) Monday announced updates to its Single Family Handbook, which it says ...

Subscribe to MDaily

MReport is here for you to stay on top of important developments in the mortgage marketplace. To begin receiving each day’s top news, market information, and breaking news updates, absolutely free of cost, simply enter your email address below.