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Treasury Department Announces Senior Hires for CFPB Implementation Team

WASHINGTON, D.C.—The U.S. Department of the Treasury today announced the hiring of senior leadership for the Consumer Financial Protection Bureau (CFPB) implementation team.

Elizabeth Warren, Assistant to the President and Special Advisor to the Secretary of the Treasury for the CFPB, highlighted the selection of Raj Date to serve as Associate Director for Research, Markets and Regulations. Patricia McCoy will head the Mortgage and Home Equity Markets team and Corey Stone will lead the Credit Information Markets team.

In addition, Zixta Martinez will serve as Assistant Director for Community Affairs and Elizabeth Vale will serve as Assistant Director for Community Banks and Credit Unions.

“Building a team to develop smarter financial regulations means hiring top-notch leaders with a wide range of experiences,” said Warren. “Raj Date and his team bring a wealth of experience in the financial services industry, government, non-profits, community banking, and academia that will help us build a world-class Research, Markets, and Regulations team to keep the CFPB on the cutting edge of developments that will impact millions of Americans.

“We have also hired vibrant leaders to engage and communicate with outside constituencies,” Warren added. “The new agency is fortunate to attract strong people who will put the interests of the American people first.”

The following individuals were announced today as joining the CFPB implementation team leadership:

Rajeev (Raj) V. Date

Raj Date will serve as Associate Director of Research, Markets, and Regulations. He will oversee several offices, including Research, Regulations, Card Markets, Mortgage and Home Equity Markets, Credit Information Markets, Deposit and Payment Markets, and Installment Lending Markets. Date worked for more than a decade in the financial services industry, both at Capital One Financial, where he was a Senior Vice President, and later at Deutsche Bank, where he was a Managing Director. In 2009 he left to found the Cambridge Winter Center, a non-profit, nonpartisan organization dedicated to fostering an informed discourse on U.S. financial institutions policy. At Cambridge Winter, he served as Chairman and Executive Director, conducting research on a variety of financial issues, including the housing finance market, small business credit, and consumer protection. He is a graduate of the University of California at Berkeley and Harvard Law School.

Patricia A. McCoy

Patricia McCoy will serve as Assistant Director for Mortgage and Home Equity Markets. She came to the CFPB as the Director of the Insurance Law Center and the Connecticut Mutual Professor of Law at the University of Connecticut School of Law. Before entering academia, McCoy was a partner at the law firm of Mayer, Brown in Washington, D.C., specializing in financial services law and commercial litigation. Later, from 2002 through 2004, she served on the Consumer Advisory Council of the Federal Reserve Board. She also spent the 2002-2003 academic year as a Visiting Scholar at the MIT Economics Department. McCoy is the author of three books and numerous book chapters and articles on financial services law, mortgage policy, and market conduct regulation. She began her career as a law clerk to the late Judge Robert S. Vance on the U.S. Court of Appeals for the Eleventh Circuit. She is a graduate of Oberlin College and received her J.D. from the University of California at Berkeley.

Corey Stone

Corey Stone will serve as Assistant Director of Credit Information Markets. He has extensive experience with electronic payment infrastructures, credit scoring and credit access, and money services businesses. Prior to joining the CFPB implementation team, Stone served as Chairman of the Board of Start Community Bank in New Haven, Connecticut. He was also a Clinical Visiting Lecturer at Yale Law School and a Fellow at the Center for Financial Services Innovation in Chicago. He is the former Chief Executive Officer of Pay Rent, Build Credit, Inc., a company that helped consumers demonstrate their creditworthiness using their recurring rental and bill payments. From 2000 to 2004, he served as Executive Vice President of American Payment Systems. After that company was acquired by the CheckFree Corporation, Stone continued as Vice President until 2006. In 2010, he was appointed to a three-year term as a member of the Federal Reserve Board’s Consumer Advisory Council. He is a graduate of Harvard College and the Yale School of Management.

Zixta Q. Martinez

Zixta Martinez will serve as Assistant Director for Community Affairs. In this capacity, she will lead the team’s outreach to consumer advocacy groups and community organizations. Previously, she was Senior Director of Industry and State Relations at Freddie Mac, Director at the National Fair Housing Alliance, Legislative Staff Attorney at the Mexican American Legal Defense and Education Fund, Inc., Housing Policy Analyst for the National Council of La Raza, and Associate Staffer at the Housing and Community Development Subcommittee of the Banking Finance and Urban Affairs Committee in the U.S. House of Representatives. She is a graduate of Yale College, the Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin, and the University of Miami School of Law.

Elizabeth Vale

Elizabeth Vale will serve as Assistant Director for Community Banks and Credit Unions. In this capacity, she will serve as the CFPB’s liaison to community banks, credit unions, and small businesses. Previously, Vale served as the White House Business Liaison and Executive Director of the White House Business Council. Prior to her career in public service, Vale was a Managing Director at Morgan Stanley. She has 22 years of investment experience. Before joining Morgan Stanley, she was a Vice President and portfolio manager at Philadelphia National Bank. Prior to that, Vale was a Legislative Assistant in economic policy for Senator John Heinz in his work on the Senate Banking and Finance Committees. Vale graduated from Harvard College and studied at the London School of Economics and Political Science. She holds the Chartered Financial Analyst designation.

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