Elizabeth Vale, who has been the executive director of the White House Business Council, was named the assistant director for community banks and credit unions of the new Bureau of Consumer Protection.
Vale, named to the post by Elizabeth Warren who is coordinating the set up of the bureau, was a managing director at Morgan Stanley and a portfolio manager at Philadelphia National Bank. She also handled banking issues while on the staff of the late Sen. John Heinz (R-Pa.).
The bureau, which was established by the financial overhaul bill passed by Congress last year, is scheduled to begin operating in July. It will be an independent agency with its own presidentially appointed director but will be housed inside the Federal Reserve.