NEW YORK (TheStreet) -- The White House is considering a new candidate to run the Consumer Financial Protection Bureau (CFPB) in an attempt to placate banking industry critics of top candidate Elizabeth Warren.
The Obama administration is now considering nominating Raj Date as head of the CFPB, according to a report by Bloomberg Wednesday.
The choice might be seen as an attempt to calm banks and many of their congressional allies, who have fervently opposed the notion that the CFPB would be run by Warren, the Harvard University professor credited with thinking it up. Testifying before Congress last month Warren had an unusually bitter feud with Patrick Henry, a Republican congressman from Bank of America (BAC)'s home state of North Carolina, in what a congressional Democrat characterized as a breach of protocol.Date works in the division of the CFPB overseeing credit cards, mortgages, student loans and payday lenders, according to Bloomberg. The CFPB which was created by the Dodd Frank Act, will formally begin many of its operations on July 21. It is seen as one of the big "wild cards" by banking analysts trying to gauge the impact the bureau will have on institutions like Wells Fargo (WFC), JPMorgan Chase (JPM), General Electric (GE), Visa (V) and other heavily retail-oriented businesses. Warren "hasn't indicated her plans" about whether she wants to run the CFPB and the Obama Administration hasn't announced her as its appointee yet. Whoever is appointed would have to be confirmed by the Senate, though 89 Democrats in the House of Representatives recently sent President Obama a letter urging him to make Warren a recess appointment. -- Written by Dan Freed in New York.
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