Law firm Morrison & Foerster announced on Wednesday that it was rehiring Leonard Chanin, a former attorney at the firm who has spent the past year and a half leading the Consumer Financial Protection Bureau’s rule-making operation.
“He’s going to be a hard person to replace,” Alan Kaplinsky, an attorney at Ballard Spahr, said, according to American Banker. “There was a level of comfort the banking industry had with Leonard, because they dealt with him for many years during his tenure at the [Federal Reserve]…I think this would be a setback for the CFPB because they’re right in the midst of an avalanche of mortgage lending regulations.”
Richard Cordray, the director of the CFPB, issued a statement in the wake of Chanin’s departure.
“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,” Cordray said, American Banker reports. “Although we will miss Leonard, he leaves a strong and experienced team that will continue to move forward with this important work.”
Chanin previously worked as a deputy director on the Federal Reserve Board. He is the second CFPB official to leave the agency in recent months. Deepak Gupta, a former senior enforcement counsel at the CFPB, left the bureau to establish a consumer advocacy law firm.