The news that the Consumer Financial Protection Bureau's Deputy Director Raj Date will be leaving the agency has provoked anxiety in banking circles.
Despite much industry opposition to the creation of the new agency, "Date — a former banker — was viewed as a moderating influence who listened to their concerns," writes American Banker’s Rachel Witkowski.
"Time and time again [Date’s experience] became the factor in laying aside certain fears," said Isaac Boltansky of Compass Point Trading & Research.
Date will stay with the CFPB until Jan. 31, after the Dodd-Frank mandated rules for mortgages have been finalized. But "to the extent that further revisions of rules are made, he won’t be there to provide that expertise," says David Luigs of Debevoise & Plimpton LLP.
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