Those years have done little to dull her enthusiasm for the industry. That motivation manifested itself recently when she jumped at the chance to get back to customer interaction as Wells' store-based private banking manager for Nevada.

"It's just great," Elliot said this week of the change. She formally took her new position on March 6.

Wells Fargo has a long-standing Private Client Services group that handles high-net-wealth customers, typically those with at least $1 million in investable income.

Elliot described her newly formed band of professionals as "gap bankers" who will offer similar investment and money management services to those falling short of that level but need added services. She said the private banking threshold will sit at about $100,000 in income and $250,000 in investable income. She was quick to add, however, that those guidelines are flexible, designed to include those who have solid future potential.

The key factor in the new private banking group is its in-store presence. There tellers and branch managers, who interact on a regular basis with customers and get to know needs and plans, can refer them right across the room, instead of setting up appointments or directing them to an outside PCS location.

Not only does it make for a more seamless move for customers, it allows the bank to make inroads earlier to customers who are building wealth. Acting on those trends later would likely mean competition with other institutions, from private banks and brokerage houses.

"We're getting to know them early, getting to know their kids' names," Elliot said. "It's the best position to be in."

It's also a key offering in a city of transient residents.

"Their first stop is likely to be a bank," Elliot said.

Why the attraction to the private banking world after the high-powered world of government affairs?

"My roots are in the branch," Elliot said. "This is just one of the best opportunities I have had."

In other news:

Potential potholes emphasized: A recent report from the Federal Deposit Insurance Corp. looked promising, at least initially.

It's opening stanza outlined some impressive economic results of late. Gross domestic product grew at a rate of 3.3 percent for every quarter in every quarter between March 2003 and September 2005 before falling to a rate of 1.6 percent in the last 2005 quarter.

FDIC-insured institutions turned in a fifth-consecutive year of record earnings in 2005, posting net income of $134.2 billion. Additionally, March 31 marks the 644th day since the FDIC provided assistance to a failed or failing bank — the longest such streak in the history of the corporation.

From there, however, the report took a dour turn, asking the question: "How long can these good times last?"

"Experience teaches us that economic expansions do not last forever and that some types of disruptions economic disruption can be associated with financial distress for banking organizations," the report said. "While forecasting recessions is, at best, a hazardous business, it makes sense from a risk management to explore various weak-economy scenarios to better prepare for adversity down the road."

Three key areas of concern were highlighted in the report — energy shocks, housing and consumer debt and the lack of savings.

On the energy front, the report cited the economic hardships created by high oil prices, as well as natural gas prices causing concerns over both heating and cooling bills. While natural gas prices have fallen after a mile winter, but gasoline prices remain high.

"With time the economy should be able to adjust to higher energy prices," the report said. "But in the short run, any supply-disrupting events, including labor strikes, severe weather, or terrorism, may cause energy prices to jump."

The report also outlined concerns over the effect a housing downturn could have on the economy. The recent housing boom and the associated equity it has created for homeowners, has been credited with spurring on strong consumer spending, a key characteristic of the strong economy.

"Any shock to consumer spending, such as that which might be caused by a housing slowdown, is a concern to overall economic growth," the report said.

The report also cited research by Meredith Whitney, executive director CIBC World Markets, a subsidiary of the Canadian Imperial Bank of Commerce. Her findings suggest that 10 percent of U.S. households might be at a heightened risk of credit problems because of aggressive mortgage products, such as interest-only loans.

Those plans put borrowers at risk of large payment increases when an introductory interest-only period expires, tacking on back principal to the new payments.

Consumer debt and low savings levels also have raised concerns, the report said. With additional income needed to cover housing costs and tapping equity through refinancing and home-equity lines of credit, debt continues to grow.

That equation, the report said, could be compounded should the housing market wane and make equity sources more difficult to tap.