Leonard Chanin, Assistant Director of the CFPB’s Office of Regulations, is leaving the CFPB to return to private practice.
Leonard’s departure comes at a critical time because of the myriad of regulations the CFPB must finalize by January 21 of next year. Before joining the CFPB, Mr. Chanin worked in the Fed’s Division of Consumer and Community Affairs, where he served as the Division’s Deputy Director, and he was among the more senior of the Division’s attorneys who moved to the CFPB. It is therefore unfortunate that the CFPB will not have the benefit of his experience as the CFPB finalizes the many rules on its agenda. During his tenure at the Fed, Leonard developed a reputation for being very fair and evenhanded. The likelihood that Mr. Chanin’s successor will not have a similar level of experience makes it even more essential that industry take an active role in the rulemaking process through the submission of comment letters to the CFPB.