It is now clear that former Vice President Joe Biden will be the next President of the United States. It is also highly likely that the Senate will remain under Republican control and that, consequently, no major financial services legislation will be enacted and the existing bank regulatory structure will remain in place.

Accordingly, any significant financial policy changes by the new administration will be made through the federal bank regulatory agencies. While the Consumer Financial Protection Bureau (CFPB) is likely to revisit certain regulations under the statutes for which it has rulemaking authority, it can be expected that the Biden administration’s progressive agenda will be advanced to a large degree through the use of administrative enforcement as a policy tool. Continue reading >