Sheila Bair goes the fintech route

Sheila Bair
Peter Foley | Bloomberg | Getty Images

Sheila Bair, who for five years led the FDIC, is taking on a new role: She is joining online lender Avant's board of directors.

"It's been a long-term interest of mine," Bair said. "I like the transparency, and Avant doesn't charge origination fees."

Bair has held a number of roles in government and regulatory bodies responsible for overseeing the banking industry. She was assistant secretary for financial institutions in the Treasury Department, and commissioner and acting chair of the Commodity Futures Trading Commission.

From 2006 to 2011, Bair led the FDIC under Presidents Barack Obama and George W. Bush, playing a crucial role in providing credit support to banks in the U.S. financial system as they were challenged in an unprecedented liquidity crisis.

Start-ups are bolstering their ranks with government veterans as regulators are actively looking to change the way the industry does business. On Thursday, the Treasury Department's Office of the Comptroller of the Currency revealed plans to change regulations that apply to financial technology and the banking industry.