Former Consumer Financial Protection Bureau Regulator Joins Board at Customers Bancorp
August 25 2022 - 4:08PM
Business Wire
Customers Bancorp, Inc. (NYSE: CUBI), the parent company of
Customers Bank (collectively, “Customers”), has appointed Raj Date,
Managing Partner of Fenway Summer LLC, a Washington DC-based
investment and advisory firm and the first-ever Deputy Director of
the U.S. Consumer Financial Protection Bureau (CFPB), to the Board
of the holding company and bank.
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Raj Date, Managing Partner at Fenway
Summer, has been appointed to the Customers Bancorp, Inc. Board of
Directors. (Photo: Business Wire)
Customers Bancorp is a digital-forward financial services
provider that has made use of extensive partnerships with fintechs
to deliver more than 350,000 Paycheck Protection Program loans
during the pandemic and launch a blockchain-based instant payment
system that has about 250 crypto industry firms among its clients.
Fenway Summer focuses on early-stage financial services and fintech
opportunities. Date is also the co-founder of FS Vector, an
advisory firm that counsels fintech companies on regulatory
strategy, compliance, and public policy.
“Raj Date is a tremendous and multi-talented addition to our
Board of Directors,” said Customers Bancorp Chair & CEO Jay
Sidhu. “He understands the nature of our business model and how it
is changing, and the dynamic public policy context in which we
operate.”
“Congress and financial regulators are grappling with difficult
public policy issues including the impact of high inflation and
rising interest rates; climate change-related risk; and the global
use of digital assets including crypto assets, stablecoins, and
central bank digital currencies. We recognized the need for
expertise among our directors and are so pleased that Raj Date has
agreed to join us,” added Sidhu.
As the CFPB’s second-ranking official, Date helped steward the
CFPB’s strategy, its operations, and its policy agenda. He also
served on the senior staff committee of the Financial Stability
Oversight Council, and as a statutory deputy to the FDIC Board.
Before being appointed Deputy Director, Date acted as the interim
leader of the new agency, serving as the Special Advisor to the
Secretary of the Treasury. He led the CFPB for most of the first
six months after its launch.
"I am excited to be joining the dynamic leadership of this
fast-growing and innovative financial services institution,” said
Date. “Customers Bank is at the forefront of global financial
services evolution and is re-inventing the concept of a regional
community bank.”
Since his return to the private sector, Date chairs the
investment committee of Fenway Summer Ventures, a specialist
fintech venture capital firm, and is a general partner of Crossbeam
Venture Partners, which focuses on new internet economies. He
serves as a director for a number of innovative firms in financial
services, including Green Dot, a technology-driven consumer bank;
Linden Labs, the metaverse pioneer; and Circle, a global provider
of crypto infrastructure.
Before his time in public policy, Date was a Managing Director
in the Financial Institutions Group at Deutsche Bank Securities,
where he led the firm’s investment banking coverage for the largest
U.S.-based banks and thrifts. Before that, Date was Senior Vice
President for Corporate Strategy and Development at Capital One
Financial, where he led M&A development efforts across the U.S.
banking and specialty finance markets. He began his business career
in the financial institutions practice of the consulting firm
McKinsey & Company. He has also served as an attorney in both
private practice and government service.
Date is a graduate of the College of Engineering at the
University of California at Berkeley (highest honors) and the
Harvard Law School (magna cum laude).
Date was appointed as a Class I Director and will stand for
election by shareholders for a full three-year term at the 2024
Annual Meeting. Date will serve on the Board Compliance and Risk
Committees. More about Customers Bancorp’s governance is available
at:
https://www.customersbank.com/investor-relations/governance-documents/
Corporate Overview Customers Bancorp, Inc. (NYSE:CUBI) is
a bank holding company located in West Reading, Pennsylvania
engaged in banking and related businesses through its bank
subsidiary, Customers Bank, a full-service bank with $20.3 billion
in assets at June 30, 2022. A member of the Federal Reserve System
with deposits insured by the Federal Deposit Insurance Corporation,
Customers Bank is an equal opportunity lender that provides a range
of banking and lending services to small and medium-sized
businesses, professionals, individuals, and families. Services and
products are available wherever permitted by law through
mobile-first apps, online portals, and a network of offices and
branches. Customers Bank provides blockchain-based digital payments
via the Customers Bank Instant Token™ (CBITTM) which allows clients
to make real-time payments in US dollars, 24 hours a day, 7 days a
week, 365 days a year.
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David Patti, Communications Director 610-451-9452
Customers Bancorp (NYSE:CUBI)
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