It wasn’t just the American electorate that was caught off-guard with this past election result, as many banks are scrambling to understand what this means for the next four years.  Regardless of how you feel about the election results, it’s important to consider where we go from here and how it will affect the needs within your bank moving forward.

Consider this statement from a Nov 16th article at CFPBmonitor.com: ‘Faced with a less aggressive CFPB, state attorneys general and financial regulators may be emboldened to ramp up their enforcement activity, with Democratic-controlled states such as New York, California and Illinois already known for an activist approach likely to take the lead.’ This is something very few are talking about within the industry right now, but this concept is beginning to pick up steam.

A Nov. 23rd editorial at americanbanker.com states ‘the pendulum is likely to swing once again in the direction of state regulation and enforcement, and away from active federal prosecution.’

Based on conversations with numerous banks throughout the country over the course of this year at The Richmond Group, it seems many banks were gearing up for the exact opposite.  

Continue reading States may pick up the slack in bank regulation…are you prepared? at Richmond Group USA News.