The Consumer Financial Protection Bureau has lost more than a dozen senior officials in recent months, raising concerns whether the agency will be able to maintain the aggressive pace set during its nearly two years of existence.
Since the resignation of the CFPB's second-in-command, Raj Date, in late January, the agency has lost several top officials. Those who followed Date's departure include, Bart Shapiro, the agency's advisor for the office of community banks and credit unions; Nicholas Rathod, its assistant director for intergovernmental and international affairrs; Leslie Parrish, the program manager for payday and small-dollar loans; Len Kennedy, a general counsel and senior advisor to the CFPB director; and Benjamin Olson, the CFPB's deputy assistant director for its regulation office.
"Created by the 2010 Dodd-Frank Act, the agency mostly hired new staff when it opened its doors in 2011, but also borrowed heavily from the banking agencies that were previously tasked with consumer compliance at financial institutions," writes American Banker's Rachel Witkowski.
"We have a deep bench of talent that extends across the bureau. Past departures and transitions, including those at the senior level, have not impacted our ability to carry out our work on behalf of American consumers," said Moira Vahey, a spokeswoman for the CFPB. "We are confident that this will remain the case."
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