The constitutive reverter of eIF2alpha phosphorylation (CReP)/PPP1r15B targets the catalytic subunit of protein phosphatase 1 (PP1c) to phosphorylated eIF2alpha (p-eIF2alpha) to promote its dephosphorylation and translation initiation. Here, we report a novel role and mode of action of CReP. We found that CReP regulates uptake of the pore-forming Staphylococcus aureus alpha-toxin by epithelial cells. This function was independent of PP1c and translation, although p-eIF2alpha was involved. The latter accumulated at sites of toxin attack and appeared conjointly with alpha-toxin in early endosomes. CReP localized to membranes, interacted with phosphomimetic eIF2alpha, and, upon overexpression, induced and decorated a population of intracellular vesicles, characterized by accumulation of N-(lissamine rhodamine B sulfonyl)phosphatidylethanolamine (N-Rh-PE), a lipid marker of exosomes and intralumenal vesicles of multivesicular bodies. By truncation analysis, we delineated the CReP vesicle induction/association region, which comprises an amphipathic alpha-helix and is distinct from the PP1c interaction domain. CReP was also required for exocytosis from erythroleukemia cells and thus appears to play a broader role in membrane traffic. In summary, the mammalian traffic machinery co-opts p-eIF2alpha and CReP, regulators of translation initiation.