Today, the former first-ever Deputy Director of the U.S. Consumer Financial Protection Bureau (CFPB), Raj Date, will become an advisor to Pinwheel.
Raj has an extensive and diverse professional background deeply rooted in the financial services industry. Raj helped lay the foundation for the CFPB’s major policy initiatives, strategy, and operations throughout its formation and served in several leadership roles at the Bureau, including leading the agency as Special Advisor to the Secretary of the Treasury. Currently, Raj is a Managing Partner of Fenway Summer LLC, a Washington DC-based investment and advisory firm focused on early-stage financial services and fintech opportunities. He is also a co-founder of FS Vector, an advisory firm that counsels fintech companies on regulatory strategy, compliance, and public policy.
“An expert across many of our industry’s nuances, Raj brings a unique perspective on the complexities of fintech regulation and a window into the evolving public policy context in which we operate,” said Kurtis Lin, co-founder, and CEO of Pinwheel. “He is joining Pinwheel at a pivotal time for the industry, as the CFPB works to codify financial data rights policies under Dodd Frank’s Section 1033. These upcoming regulations have the potential to drive more financial inclusion and innovation enabled by income and payroll data. We founded Pinwheel on the fundamental belief that consumer-permissioned income and employment data unlock positive change in the financial system. This meaningful, industry-wide change will only be achieved if standardized practices that protect consumers’ financial data are created and enforced. I’m excited about helping to positively shape the financial system guided by one of the most respected minds in financial services regulation.”
“I’ve chosen to invest in and partner with Pinwheel because the company’s consumer-permissioned income and employment connectivity is a key to the next wave of fintech innovation, especially as it relates to data portability and security,” said Date. “Technology has the potential to dramatically broaden and deepen financial opportunities for consumers all over the world. Income and employment data are some of the most important pieces of someone’s financial picture, and freeing up this critical data securely and at consumers’ discretion are key ingredients to making the promise of better consumer financial products real. Pinwheel can help customers take control of and get value from their own data.”
“Pinwheel has already established many ‘firsts’ for the industry,” continued Date. “Pinwheel was the first to establish itself as a Consumer Reporting Agency (CRA) and to install a CISO. I’m proud to align with Pinwheel not just to navigate but proactively shape the policies that enable innovation that will power a fairer financial system.”
Pinwheel remains committed to setting the industry standard for compliance, as exemplified by the company’s status as a CRA, ensuring that consumers have full protections available under the Fair Credit Reporting Act (FCRA). Now, Pinwheel is bringing on a highly specialized regulatory veteran who will be instrumental in creating and refining company and industry policies on consumer financial data access and use.