Special Alert: Election Results - Preliminary Thoughts and Reactions
Special AlertClinton R. Rockwell, Jeremiah S. Buckley, Joseph M. Kolar, John P. Kromer, Christopher M. Witeck, Jon David D. Langlois, Jeffrey P. Naimon
As a result of last Tuesday’s election, Republicans will control the White House and both houses of Congress in 2017. It is likely there ultimately will be some significant changes affecting financial services regulation and enforcement, but they will take time to implement. The President-elect has articulated sympathy for less regulation and opposition to the Dodd-Frank Act but also an unconventional economic populism. The Congressional Republicans have already prepared, and in some cases passed, more specific changes to limit and cabin the CFPB. We anticipate efforts focused on changing the CFPB Director and CFPB structure, reduced regulation that may encourage product innovation (particularly in the FinTech space), and potentially less emphasis on certain Department of Justice (“DOJ”) enforcement initiatives such as fair lending and the Residential Mortgage-Backed Securities (“RMBS”) task force. Nonetheless, we expect continued enforcement and supervisory activity, including by states and by prudential regulators that are less directly tied to shifting political winds.
While much remains uncertain, this special alert offers preliminary thoughts and reactions regarding the implications for the financial services industry.
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