There has been no end to the number of jokes and memes referencing the dumpster fire that 2020 has been for the country and the world, and if this were any other presidential election year, the media and your political expert friends on Facebook would be pumping out content about the upcoming battle between President Trump and Vice President Biden. Slowly, though, we are starting to see more articles about the race and what impact it will have on the country.
For example, debt collectors can expect a “new wave of investigations” from a “reinvigorated” Consumer Financial Protection Bureau if Biden wins, according to a published report which sought to predict how the financial services industry would be impacted by a changing of the guard at 1600 Pennsylvania Avenue.
The report, which was based on predictions from a pair of Wall Street analysts, also looked at the prospective impact on credit bureaus, student lenders, payday loans, banks, and investment banks and brokerages. The objective of the report was to discuss the impact of a Biden White House on financial stocks across different industries.
Financial stock prices could start dropping this summer if polls continue to show Biden with a large lead over President Trump, according to the report. That sell-off could be driven by fears on Wall Street that Sen. Elizabeth Warren [D-Mass.] could be put in charge of regulating the financial markets.
The report also noted that Biden has proposed having the CFPB create a public competitor to the major credit reporting agencies, which could negatively impact the stock prices of Equifax, Experian, and TransUnion, according to the report.
