The ink on Dodd-Frank is barely dry, and the Consumer Financial Protection Bureau barely out of diapers, and the formidable Promontory Financial Group has already hired up a small platoon of former CFPB officials.
The Wall Street Journal reports:
Consultants and law firms looking to beef up their knowledge of the Consumer Financial Protection Bureau are snapping up senior employees from the fledgling regulator. Among the most active recruiters is Promontory Financial Group, a consulting firm led by former Comptroller of the Currency Eugene Ludwig that advises banks and other financial companies. Promontory, which specializes in helping financial firms comply with regulations, has hired six officials from CFPB, adding to its already large stable of prominent former officials.