Raj Date and Fenway Summer LLC has hit a triple for the ages.  In a highly acclaimed move, Fenway Summer added to its depth and its ability to execute on its vision by adding three more top CFPB officials. Garry Reeder, chief of staff; Chris Haspel, senior advisor for mortgage servicing and securitization; and regulatory senior counsel Mitchell Hochberg will join the firm founded by former CFPB deputy director Raj Date.… Continue Reading

So much for my speculation that Raj Date would succeed Richard Cordray as CFPB Acting Director should Mr. Cordray leave the Bureau next year to run for Ohio governor as expected by many pundits.  Bloomberg has reported that a CFPB spokeswoman confirmed that Mr. Date, who currently serves as CFPB Deputy Director, plans to leave the CFPB on January 31, after the mortgage rules mandated by Dodd-Frank are finalized.  … Continue Reading

Lost in all the sturm and drang accompanying the President’s recess appointment of Richard Cordray as Director of the CFPB is the fact that one of Director Cordray’s first official acts was to appoint Raj Date as Deputy Director. Why is that important? Assuming that Cordray’s appointment is not invalidated by a court, he will serve until the end of this session of Congress.… Continue Reading

The web has been abuzz about the letter that Majority Whip Richard Durbin (D. Il) and Jack Reed (D. RI) of the Banking Committee rather publicly sent to Raj Date last Thursday.   Purportedly out of concern that banks will try to “sneak fees past” consumers after having mostly abandoned the monthly debit card fee program, Senators Durbin and Reed “urge[d]” the CFPB to “swiftly require financial institutions to post on their websites a standardized, concise and consumer-friendly disclosure form that lists the fees and key terms associated with checking accounts.”… Continue Reading

It has been reported in the popular press that President Obama sharply criticized a major bank for imposing a $5 per month charge to make up for the loss of interchange fees resulting from the Durbin Amendment to Dodd-Frank. He said that this is why we need the CFPB, implying that the CFPB could prohibit or limit such fees if it wanted to do so.… Continue Reading

As my fellow blogger, Chris Willis, indicated in his prior post, Raj Date, the current acting director of the Consumer Financial Protection Bureau, has been actively previewing the CFPB’s forthcoming rule-making priorities. Indeed, in another speech at the American Banker’s Regulatory Symposium last week, Mr. Date elaborated on the CFPB’s goals with regard to regulating mortgage lending, announcing that the CFPB will soon complete a new rule requiring lenders to gauge whether homeowners are capable of repaying their mortgages.… Continue Reading

Less than two weeks after Obama nominated Richard Cordray for CFPB Director, Elizabeth Warren has swept out of town and returned to Harvard.  Meanwhile, Cordray has not made any public announcements, posted comments about his nomination on the CFPB’s website, or otherwise been heard from in any significant way.  He seems determined to stay quiet until at least his August 4th Senate confirmation hearing.… Continue Reading

The Treasury Department issued a press release announcing that Raj Date will replace Elizabeth Warren as Special Advisor to the Secretary of the Treasury on the CFPB, effective August 1. A blog I read understands that Mr. Date will replace Professor Warren as Special Advisor to the President.

Critics of the current structure of the Bureau—including this author—believe that Dodd-Frank concentrates far too much power in a single unelected official.… Continue Reading