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

For the full piece see "Top CFPB Rulemaker Decamps for Law Firm" (may require subscription).