The industry dodged a bullet after the former vice president outlasted more progressive rivals for the Democratic presidential nomination. But some worry the presumptive nominee will have to consider calls for tougher regulation from his party's liberal wing.
Critics who argue this crisis mirrors the 2008 financial panic when Congress bailed out banks have it wrong. The new relief package in response to the coronavirus pandemic was necessary to save livelihoods, and more can be done.
After budget cuts and a strategic transition, the interagency body conceived by Dodd-Frank to identify systemic threats has largely been silent as the pandemic roils the economy.
The central bank's sweeping actions suggest a cash shortage gripping sectors directly hit by the pandemic. Banks were supposed to be protected by Dodd-Frank but are still vulnerable to a funding domino effect.
Refinancing activity is surging, existing borrowers are inquiring about loan modifications, loan closings are being delayed by more complex credit checks — and banks are short on people to handle it all.
