With polls routinely showing Donald Trump trailing Joe Biden, it's possible there could be a change in the U.S. government after the election.
And with
So far fintech has been mostly regulated at the state level. But in the face of a restrained federal government, states have
Additionally, the Consumer Financial Protection Bureau, the federal financial watchdog, has been criticized for not pursuing reform aggressively enough under President Trump, and states like California have created their own “mini-CFPBs” in response.
Under a Biden administration, these state-led actions are likely to continue, but with a reinvigorated CFPB and more active federal government there will likely be turf battles. And some actions may end up taking an unpredicted course under a new administration.
For example, states have recently banded together to sue the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. over recent rules they promulgated regarding
Other initiatives may not be so clear-cut. States have also recently sued to challenge the OCC’s authority to issue a
Interestingly, the idea of the special purpose payments charter was a “pro-tech” initiative begun under the
In all, the specifics of each regulatory development may hinge on nonpolitical facts and circumstances, and there isn’t a predictable wave in a single direction on the future of fintech regulation.