What’s in Store for Your Bank Following the Election?
Assuming that Joe Biden is confirmed as president, what changes in banking and bank regulation are likely to occur? Your bank and board need to anticipate how certain changes may affect your bank and be prepared.
There will be changes in the leadership of the banking agencies. Who will be leaving and who will be replacing them?
If your bank has assets of $10 billion or more, you should expect at least a partial return to the enforcement-oriented culture at CFPB during the Obama administration. For all banks, greater regulatory scrutiny of fair lending practices and CRA is in the offing.
Overall, more regulatory activism is likely, but in what form? How will the election impact Congress and banking-related legislation?
Treliant’s Steve Bartlett addresses these issues in this article: President-elect Joe Biden: What the New Administration Means for Banks and for the Country
Steve and Bill Dudley, former president of the NY Fed, will also discuss these issues and more with AABD’s General Counsel Committee members next Wednesday, November 18, 2020. Invitations to bank General Counsel have been sent but those General Counsel who have not received an invitation may do so by responding to AABD President David Baris at [email protected].