I know for a Tree Definition of DataElementFolder, there is a DateFormat attribute, but the DataElement node doesn't have such an attribute.
<DataElements Type="MA.PressRelease.Article" Label="${C1:Data:MA.PressRelease.Article:Date}" Display="Auto">
This will show up looking like this.
It would be nice to have something like "Month day, Year" (Ex: May 4, 2017)