The revolving door starts spinning at the CFPB

The new Consumer Financial Protection Bureau, though only in its infancy, is already supplying lawyers to law firms that represent the financial services industry, as described in this article by Jenna Greene. Greene says that the law firm Buckley Sandler, whose home page describes itself as "Legal Counsel to the Financial Services Industry," "nabbed Benjamin Olson, who oversaw 40 lawyers in the bureau's Office of Regulations." Greene also notes that Ronald Rubin, "one of the agency's first enforcement lawyers," has gone to Hunton & Williams. The article quotes Rubin as saying that "[t]he CFPB's aggressive approach, unusual internal procedures and
penchant for secrecy have terrified a lot of clients[.] They really want to
understand what goes on inside the bureau and they need good advice on
how to deal with it, and there are very few people who can provide that
right now." Who better than someone who just left the CFPB to provide that understanding? [The article notes as well that current CL&P blogger Deepak Gupta left the CFPB to start a plaintiffs-side law firm.]

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