Mitt Romney has stated he wants to repeal Dodd-Frank, but if he wins it's much more likely that "Republicans will try to chip away at what they see as the worst parts of Dodd-Frank," concludes our man in Tampa, Kevin Wack, after speaking with GOP members of Congress at the convention.  

"The word that comes to my mind about what Republicans should do in 2013 is damage control," said Rep. Randy Neugebauer, who chairs the House financial services oversight subcommittee. "And we'll probably do that in pieces."

There are a few ideas circulating for how to curtail the power of the Consumer Financial Protection Bureau: replacing the director with a board, subjecting it to the congressional appropriations process, and letting other regulatory agencies veto the bureau.

Another target is the orderly liquidation authority, which many Dodd-Frank opponents claim codifies "too-bit-to-fail" policies.

Senator Shelby wants to require a cost-benefit analysis for each rule a regulator proposes. "Such legislation could have a bigger impact on the overall implementation of Dodd-Frank than any of the smaller bills that congressional Republicans are pushing," writes Wack

For the full piece see "What Romney Victory Would Mean for Banks" (may require subscription).