House Republicans raised concerns that the Consumer Financial Protection Bureau's former deputy director, Raj Date, and several other staffers left their positions at the CFPB in order to profit from rules they had helped create.
In a July 31 letter to the CFPB's Director Richard Cordray, the GOP lawmakers stated, "Simply put, it appears that former CFPB employees are now offering financial products in a market sector created by the very rules they were in a position to influence while working in senior leadership positions at the CFPB. This conduct raises serious questions about the integrity of the CFPB's rulemaking process and the conduct of some of its most senior former officials."
The letter is written by House Oversight Committee Chairman Darrell Issa of California, House Financial Services Committee Chairman Jeb Hensarling of Texas, Jim Jordan of Ohio, Shelley Moore Capito of West Virginia, and Patrick McHenry of North Carolina.
"Concerns over the revolving door between government and the private sector have gained increasing attention in recent months, though the practice remains exceedingly common for Capitol Hill staffers and agency officials looking to make use of their expertise after leaving public service," writes American Banker's Victoria Finkle.
For the full piece see "House Republicans Blast Former CFPB Officials Over New Jobs" (may require subscription).