Leonard Chanin, the lawyer leading the Consumer Financial Protection Bureau’s rule making operation, has been rehired by the law firm Morrison & Foerster, writes American Banker’s Jeff Horowitz.
"There was a level of comfort the banking industry had with Leonard," said Alan Kaplinsky of Ballard Spahr, because of Chanin’s days as a deputy director of the Federal Reserve Board.
"During his time at the Bureau, Leonard built an effective rule-writing team that has developed proposals to implement key consumer financial protections that will benefit all Americans," said CFPB director Richard Cordray in a statement.
"I think this would be a setback for the CFPB because they're right in the midst of an avalanche of mortgage lending regulations," said Kaplinsky
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