The future of several critical financial industry issues hangs in the balance with the lack of a clear U.S. election result.

Why should we care?
There is uncertainty around how the industry will be overseen in the coming years. Both parties differ on approaches to financial regulation. The Consumer Financial Protection Bureau (CFPB) under President Trump has taken a looser approach, rolling back controls on payday loans that required lenders to assess borrowers’ ability to pay. Democrat presidential candidate Joe Biden was critical of this move, an indication of a preference for a stronger-armed CFPB and a greater government role in the provision of banking and other financial services. Other issues that could be shaped by an election outcome include: questions around data protection regulation (will the U.S. impose a EU-style data protection rules?); cryptocurrency oversight (does bitcoin really care who wins?); changes to 401(k) programs; and whether regulators will continue to be receptive to banking charter applications from upstart fintechs.