J. Scott Applewhite/Associated Press Elizabeth Warren, the leader of the new Consumer Financial Protection Bureau, with the Treasury secretary, Timothy F. Geithner.As the new federal consumer watchdog agency takes shape, Wall Street might see a few familiar faces on its roster.
Elizabeth Warren, the Harvard University law professor who is setting up the Consumer Financial Protection Bureau, announced her latest string of hires on Thursday, including former managing directors at Deutsche Bank and Morgan Stanley.
Congress created the Consumer Financial Protection Bureau to protect consumers from abuses in the lending industry. Now the bureau is turning to former members of the industry to help it police banks, credit card companies and mortgage lenders.
“Building a team to develop smarter financial regulations means hiring top-notch leaders with a wide range of experiences,” Ms. Warren said in a statement.
The bureau’s hires announced Thursday include Rajeev Date, the former Deutsche Bank managing director. Mr. Date, who also worked at Capital One Financial as a senior vice president, will be the bureau’s associate director for research, markets and regulations.
“Raj Date and his team bring a wealth of experience in the financial services industry, government, nonprofits, community banking and academia,” Ms. Warren said.
Ms. Warren also hired Elizabeth Vale, a Morgan Stanley managing director who was vice president and portfolio manager at Philadelphia National Bank. Her industry experience will come in handy — she will serve as a liaison to community banks and credit unions.
Ms. Warren’s hires also include a former financial industry lawyer, a former senior employee at the mortgage-finance giant Freddie Mac and Corey Stone, who once was the chairman of Start Community Bank in New Haven, Conn.
The bureau has gone on a hiring spree in recent weeks. As of late January, the bureau had more than 100 employees.
Ms. Warren added five senior leaders to her team in one week in December, including Richard Cordray, the outgoing attorney general of Ohio, who will run the bureau’s enforcement division.
A consumer protection bureau might seem like an unlikely place for former bankers to land, but Ms. Warren has made an effort to reach out to Wall Street. Since taking the job in September, she has met with several top bankers, including Jamie Dimon, Vikram S. Pandit and James P. Gorman, the chief executives of JPMorgan Chase, Citigroup and Morgan Stanley, respectively.