February 29, 2016

CULTURE OF CORRUPTION: Former top deputy at consumer bureau quietly joins Capital One.

Another high-ranking official at the Obama administration’s financial protection agency has gone to Wall Street this month, The Hill has learned.

Meredith Fuchs, who most recently served as the Consumer Financial Protection Bureau’s (CFPB) acting deputy director, has gone to the credit and banking giant Capital One.

She now serves as the bank’s senior vice president and chief counsel on regulatory issues, her recently updated LinkedIn page says. There have been no press releases from the agency or Capital One announcing her move.

Capital One and the CFPB did not immediately return a request for comment.

It is the latest in a slew of departures from the young agency, which was created by the Dodd-Frank financial reform law in 2010.

Since it opened its doors in 2011, at least 45 CFPB employees have left the agency for the private sector, snapped up by companies including JPMorgan Chase, U.S. Bank, Wells Fargo, PayPal, Bank of America and BlackRock.

Just another argument for enacting my revolving-door surtax. And let’s face it — Elizabeth Warren and the other champions of this “consumer protection” agency knew this was going to happen all along. It’s not a bug, it’s a feature!

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