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Acting consumer director selected

Acting consumer director selected
President Barack Obama annouces Richard Cordray (not pictured) as his nominee to be the Director of the Consumer Financial Protection Bureau in the Rose Garden at the White House in Washington on July 18, 2011. Obama was joined by Elizabeth Warren (C), Special Advisor on the Consumer Financial Protection Bureau, and Treasury Secretary Timothy Geithner. UPI/Kevin Dietsch | License Photo

WASHINGTON, July 27 (UPI) -- A top aide will serve as acting director of the new U.S. Consumer Financial Protection Bureau when Elizabeth Warren steps down, the Treasury Department said.

Raj Date, who currently serves as an associate director, will run the bureau's daily operations until a permanent director has been confirmed, The Washington Post reported.

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Date has more than a decade of experience in the financial services industry, including serving as managing director at Deutsche Bank.

Warren, a Harvard law professor, had hoped to stay on as the bureau's inaugural director but last week President Barack Obama nominated former Ohio Attorney General Richard Cordray for the post.

She has served since September overseeing the creation of the bureau and hiring scores of staffers.

Warren is to step down Monday.

She said earlier she plans to return to Harvard in time to teach in the fall, the Los Angeles Times reported.

"Professor Warren has done an extraordinary job standing up the Consumer Financial Protection Bureau," said Treasury Secretary Timothy F. Geithner.

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