Conventional wisdom has it that the Trump Administration’s plans to redefine U.S. banking will lead only to bank regulatory-burden relief – not radical realignment.  We disagree not because we expect Congress to come to love the 1933 Glass-Steagall Act but because this isn’t what the Trump Administration in fact wants.  What’s more, much of what they want can be accomplished without statutory change.  A roadmap to this type of de facto financial reform has been previewed by FDIC Vice Chairman Tom Hoenig.  Here, we assess its impact on mortgage finance and its action outlook.

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