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Warren Leaves CFPB for Harvard

After a year of controversy, back-and-forth hearings, and battles on Capitol Hill, ""Consumer Financial Protection Bureau"":http://www.consumerfinance.gov (CFPB) architect and advocate Elizabeth Warren will depart from the bureau and return to an endowed position at ""Harvard Law School"":http://www.law.harvard.edu/index.html come August.

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In a statement released late Tuesday, the ""Treasury Department"":http://www.treasury.gov/Pages/default.aspx verified Warren's departure, effective August 1, saying she would resume her post as Leo Gottlieb professor of law at the Ivy League university. Raj Date, the bureau's associate director of research, markets, and regulation, will replace her as special adviser the Treasury secretary on matters related to the CFPB.

""Professor Warren has done an extraordinary job standing up the Consumer Financial Protection Bureau. Her efforts to simplify mortgage and credit card disclosures, protect military families from abusive and deceptive financial practices, and bring aboard top talent like Richard Cordray and Raj Date have built a strong foundation for the Bureau's future success,"" Treasury Secretary Tim Geithner said in the statement.

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""Raj has an impressive background in financial services, academia, government, and non-profit organizations, and I am pleased that he will serve in this new capacity as the CFPB continues moving forward with its important work,"" Geithner added.

Warren leaves her brainchild on the heels of her withdrawal as nominee for the CFPB's directorship. Last week ""President Barack Obama"":http://www.whitehouse.gov/administration/president-obama announced the decision to front CFPB enforcement chief Richard Cordray for the position.

The president had thanked Warren on the occasion of the announcement, ""not only for her extraordinary work standing up the new agency over the past year, but also for her many years of impassioned leadership, and her fierce defense of a simple idea: ordinary people deserve to be treated fairly and honestly in their financial dealings. This agency was Elizabeth's idea, and through sheer force of will, intelligence, and a bottomless well of energy, she has made, and will continue to make, a profound and positive difference for our country.""

Date will assume responsibility for day-to-day affairs and operations at the Treasury Department. Last month ""_Bloomberg News_"":http://www.bloomberg.com/news/2011-06-08/obama-eyes-ex-banker-for-consumer-chief.html circulated reports that Obama would replace Warren, a polarizing figure on Capitol Hill, with the associate director.

With Date now the special adviser, Cordray will advance into the Senate hearings that Warren now leaves behind for Harvard.

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.
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