Apparently if one really wants a plum job with the banks, on K Street, or ideally both, doing a tour at Elizabeth Warren’s much celebrated Consumer Financial Protection Bureau is the way to go. The agency is just churning out “political intelligence” types these days.
And the agency was only founded in 2011. So congrats.
(From The Hill)
Corporate giants are hiring away officials from the Consumer Financial Protection Bureau (CFPB), gaining inside knowledge of an agency that was created to police their bad behavior.
At least 45 former CFPB employees, ranging from investigators and enforcement attorneys to higher-ranking officials who ran the agency, have departed to work at law or consulting firms, corporations and nonprofits since the agency opened its doors in 2011…
…Some of the companies that have hired staffers away from the bureau did so after facing a compliance fight with the agency.
Genessa Stout, a former enforcement attorney at the bureau, became PayPal’s director of litigation in September. Four months earlier, the agency had fined the online payment company $25 million for illegally signing up consumers for unwanted credit.
“We would evaluate who is the best resource for the project, obviously keeping in mind that we would comply with any and all ethical guidelines,” a PayPal spokeswoman told The Hill, regarding its hiring practices.