WASHINGTON – As 2022 approaches, banks have a better idea than a year ago of what federal banking policy will look like in the Biden era.
Although there have been no dramatic reforms in the past year thanks to the congressional standoff, the pendulum has started to turn left after the Trump administration’s four-year friendship with the industry. financial.
Administration-appointed regulators and Democratic lawmakers pushed for a more progressive agenda around climate change risks, affordable housing, the diversity of the financial system, and brakes on technological innovations such as cryptocurrency.
The White House has slowly installed new people such as Bureau of Consumer Financial Protection Director Rohit Chopra and Acting Currency Comptroller Michael Hsu. They set out to unravel some of the Trump-era policies and signaled a stricter approach to supervision and enforcement. Chopra and Hsu, both board members of the Federal Deposit Insurance Corp., even clashed with FDIC President Jelena McWilliams (a holdover from the Trump administration) over who controls the board of directors. administration of the FDIC.
The pendulum is expected to swing even further to the left in the coming year as the White House – which has yet to fill vacancies in the Federal Reserve and atop the Office of the Comptroller of the Currency – attempts to add more progressives to the financial policy list.
Here are the key figures in the executive and legislative branches who will try to advance (and those who might challenge) Biden’s financial policy priorities in 2022: