Former Consumer Financial Protection Bureau Regulator Joins Customers Bancorp Board
WEST READING, Pa.–(BUSINESS WIRE)–$CUBI #Annual meeting–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 and the First Deputy Director of the US Consumer Financial Protection Bureau (CFPB), to the board of directors of the holding company and the bank.
Bancorp is a digital financial services provider that has used extensive fintech partnerships to provide more than 350,000 Paycheck Protection Program loans during the pandemic and launch a blockchain-based instant payments system that has about 250 companies in the crypto sector among its customers. . Fenway Summer focuses on startup financial services and fintech opportunities. Date is also the co-founder of FS Vector, a consulting firm that advises fintech companies on regulatory strategy, compliance and public policy.
“Raj Date is a great and versatile addition to our Board of Directors,” said Jay Sidhu, President and CEO of Customers Bancorp. “He understands the nature of our business model and its evolution, as well as the dynamic public policy context in which we operate.”
“Congress and financial regulators grapple with difficult public policy issues, including the impact of high inflation and rising interest rates; climate change risk; and the global use of digital assets, including crypto assets, stablecoins, and central bank digital currencies. We have recognized the need for expertise among our directors and are delighted that Raj Date has agreed to join us,” added Sidhu.
As second in charge of the CFPB, Date helped manage the CFPB’s strategy, operations, and political agenda. He has also served on the Senior Staff Committee of the Financial Stability Supervisory Board and as a statutory assistant on the FDIC Board of Directors. Before being named deputy director, Date served as the new agency’s acting head, serving as special adviser to the Secretary of the Treasury. He led the CFPB for most of the first six months after its launch.
“I am delighted to join the dynamic leadership of this innovative and fast-growing financial services institution,” said Date. “Customers Bank is at the forefront of the evolution of global financial services and is reinventing the concept of regional community banking. ”
Since returning to the private sector, Date has chaired the investment committee of Fenway Summer Ventures, a venture capital firm specializing in fintech, and is a general partner at Crossbeam Venture Partners, which focuses on emerging internet economies. He is a director of a number of innovative financial services companies, including Green Dot, a technology-focused consumer bank; Linden Labs, the metaverse pioneer; and Circle, a global provider of cryptographic infrastructure.
Prior to joining public policy, Date was managing director of the Financial Institutions Group at Deutsche Bank Securities, where he led the firm’s investment banking coverage for the largest U.S. banks and thrifts. Previously, Date was Senior Vice President of Corporate Strategy and Development at Capital One Financial, where he led M&A development efforts in the U.S. specialty banking and capital markets. He began his business career in the financial institutions practice of the consulting firm McKinsey & Company. He was also a lawyer in private practice and in government service.
Date graduated from the College of Engineering at the University of California, Berkeley (with highest honors) and Harvard Law School (magna cum laude).
Date was named 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 compliance and risk management committees of the board. To learn more about the governance of Customers Bancorp, visit: https://www.customersbank.com/investor-relations/governance-documents/
Customers Bancorp, Inc. (NYSE: CUBI) is a West Reading, Pennsylvania-based bank holding company engaged in banking and related businesses through its banking subsidiary, Customers Bank, a full-service bank with 20 $.3 billion in assets as of June 30, 2022. A member of the Federal Reserve with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that offers a range of banking and lending services small and medium-sized businesses, professionals, individuals and families. Services and products are available wherever permitted by law through mobile applications, online portals and a network of offices and branches. Customers Bank provides blockchain-based digital payments through Customers Bank Instant Token™ (CBITMT) which allows customers to make real-time payments in US dollars, 24 hours a day, 7 days a week, 365 days a year.
David Patti, Director of Communications 610-451-9452
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