Elizabeth Warren, the Harvard professor who built the structure of the new Consumer Financial Protection Bureau, is leaving her position as special adviser to Treasury Secretary Timothy Geithner and returning to her position at Harvard Law School, the CFPB said Tuesday.
Warren's departure officially takes effect Aug. 1. She will be replaced by Raj Date, who at one point was rumored to be the president's top pick to serve as CFPB director. Instead, the president announced plans earlier this month to nominate former Ohio Attorney General Richard Cordray to the CFPB director post.
Even though the CFPB went live July 21, Cordray has yet to be confirmed as director, and opponents of the CFPB's current structure have expressed concerns about his nomination as well.
Warren's yearlong journey at the CFPB has been dogged by congressional dissent and rumors that after framing the agency's infancy, she would naturally step into the director role.
Instead, Warren is leaving the CFPB altogether.
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