November 13, 2012 / 2:20 AM / 5 years ago

U.S. consumer watchdog official to leave at end of January

Nov 12 (Reuters) - Raj Date, a top official at the U.S. Consumer Financial Protection Bureau, plans to leave at the end of January, a spokeswoman for the agency said on Monday.

Date helped establish the consumer watchdog as one of the first members of the team that set up the new bureau. He ran it from August 2011 to January 2012 and has since served as its deputy director.

Date, a former Wall Street executive, does not have career plans after leaving the bureau, “other than to spend more time with his family,” CFPB spokeswoman Jen Howard said in a statement.

Date was not immediately available for comment. His planned departure was first reported by Bloomberg.

The consumer bureau was created by the 2010 Dodd-Frank financial oversight law and charged with overseeing mortgage lending, student loans and other consumer financial products.

Date served as a senior advisor to Elizabeth Warren, who was chosen by President Barack Obama to set up the agency, and as associate director of its research, markets and regulations division.

Warren was elected last week as a U.S. senator from Massachusetts.

Date took over running the daily operations of the agency after Warren left in 2011, until Obama named Richard Cordray its director.

“His legacy is a consumer bureau grounded in data-driven analysis, market-based pragmatism, and the real-world experiences of American consumers,” Howard said.

Date will leave after the consumer bureau finishes up several mortgage rules that were required by Congress, such as the controversial “qualified mortgage” rule.

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