Biden victory could bring more scrutiny to big banks, financial industry
As voters begin to cast their ballots for the 2020 U.S. presidential election, how the country regulates the nation’s banks is not likely one of their top areas of concern. But a victory from Democrat Joe Biden would likely bring about tougher rules on the biggest institutions, analysts say, turning up the heat on the likes of JPMorgan Chase & Co. and Wells Fargo & Co. and imposing new requirements on the industry. …It would also mean major changes at the Consumer Financial Protection Bureau, particularly given that Biden would be able to appoint someone immediately due to the Supreme Court’s June decision that the president can remove the CFPB director at will. A Democratic-led CFPB would bring new scrutiny on banks’ overdraft fees, ATM fees and potentially changes to the nation’s credit reporting bureaus, said Karen Petrou, managing partner at Federal Financial Analytics.