On Monday, the Biden transition released a readout of a meeting between Treasury nominees Janet Yellen and Wally Adeyemo with various racial-equity associations, reinforcing the importance this issue will have in crafting financial regulation in the Biden Administration.  We thus forecast a far-reaching consumer-finance overhaul accomplished through a new CFPB, new banking-agency rules, demands for the first time on insurance companies and nonbanks, and an array of legislative initiatives.

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