CFPB “brain drain” continues

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The CFPB’s leadership ‘brain drain” seems to be continuing, with Politico reporting that Richard Hackett, the Bureau’s Assistant Director for installment and liquidity lending markets, is planning to leave the CFPB later this summer. Just two weeks ago, we reported about the departures of three top CFPB officials to join the firm founded by former CFPB Deputy Director Raj Date.

Rick works in the CFPB’s research, markets and regulations group, where he has been overseeing installment loans, such as auto and student loans, as well as small dollar loans, including payday and auto title loans.  Politico also reports that, according to two people “familiar with the situation,” Rick’s responsibilities overseeing student and auto loans will be temporarily assigned to Rohit Chopra, the CFPB’s student loan ombudsman, and Corey Stone, the CFPB’s Assistant Director for deposits, cash, collections and reporting markets, will become responsible for smaller dollar loan markets on a permanent basis.

We know Rick well from his many years in private practice representing industry prior to his joining the CFPB and have great respect for his legal talents. His departure will represent a significant loss for the CFPB, particularly because he is one of the few CFPB attorneys with a strong industry background.