February 10, 2021
Originally authored on February 10, 2021; the Biden administration has already ushered in significant change, and more is coming. Based on President Biden’s announced priorities and nominations these changes are likely to include increased regulations for financial institutions.
From large public companies and Wall Street firms to community banks and credit unions, financial institutions are likely to be a major target for increased regulation and enforcement actions. Regulators are likely to enforce consumer protection laws more aggressively with more money returned to investors and consumers in the way of remediation and disgorgement. Policies, procedures, and disclosures will be more heavily scrutinized as well.
Financial institutions should ensure they are prepared for these coming regulatory and enforcement changes.