Bradley attorney Michael Gordon was quoted in Law360 on the changes that could be facing banks and other lenders under a Biden presidency. Biden is expected to pivot from the rule rollbacks favored by the Trump administration and push for stronger oversight of financial firms, greater public sector involvement in providing financial services and increased emphasis on economic justice. The incoming administration will also assume responsibility for shepherding banks through the COVID-19 crisis and confronting the regulatory challenges posed by the rise of fintech.
Gordon said the severity and urgency of the pandemic's economic damage could yet reach a pitch where political paradigms shift, creating room for more progressive consumer financial policymaking than might have otherwise been feasible for a Biden administration.
"Widespread hardship can boost reform efforts, as we saw with the financial crisis and the passage of [the Dodd-Frank Act]. You can imagine congressional hearings and even regulatory actions that highlight stories of hardship caused by the COVID crisis," Gordon said. "Compelling stories can focus attention on consumer protection issues and help build support for reforms that [Democrats] have wanted all along."
The original article, “5 Predictions for Banking Regulation in a Biden Presidency,” appeared in Law360 on November 8, 2020.