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U.S. Election 2024: Financial Services Outlook

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Debevoise & Plimpton LLP has published a guide to the potential impact of the U.S. election on the financial services industry, including possible regulatory implications. The key takeaways from the guide, which was authored by 18 lawyers from the firm’s Antitrust, Banking, Data Strategy and Security, M&A and White Collar Groups, are:

    • Although neither candidate has focused on financial services, Trump almost certainly would have a more significant impact on the status quo than Harris, although both appear more favorable to crypto than the Biden Administration.
    • Regardless, the new Administration will be able to replace many key personnel. In the regulatory sphere it is often the case that “personnel is policy.”
    • The new Administration could issue Executive Orders on day one, and, if Trump is elected, he may revoke prior Biden Executive Orders.
    • The new Administration will be shaped by less agency deference by the judiciary in light of Loper Bright, including new uncertainty if prior rulemakings are invalidated by the courts.

 

View the full guide here; it will be updated periodically.

 

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Author

Gregory Lyons is a corporate partner and Co-Chair of Debevoise’s Financial Institutions Group. Mr. Lyons is also Chair of the New York City Bar Association Committee on Banking Law. He can be reached at gjlyons@debevoise.com.

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Andrew J. Ceresney is a partner in the New York office and Co-Chair of the Litigation Department. He can be reached at aceresney@debevoise.com.

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Satish Kini is a corporate partner. He is Co-Chair of Debevoise’s National Security practice, the Chair of the Banking Group and a member of the Financial Institutions Group. He can be reached at smkini@debevoise.com.

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Helen V. Cantwell is Co-Chair of the White Collar & Regulatory Defense Group and a litigation partner with extensive trial experience. She can be reached at hcantwell@debevoise.com.

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Charu A. Chandrasekhar is a litigation counsel based in the New York office and a member of the firm’s White Collar & Regulatory Defense Group. She can be reached at cchandra@debevoise.com.

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Courtney M. Dankworth is a litigation partner who focuses her practice on internal investigations and regulatory defense, including banking enforcement actions and disputes related to financial services and consumer finance. Ms. Dankworth advises clients facing investigations and enforcement actions conducted by the Department of Justice, Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, state attorneys general and state banking regulators. She can be reached at cmdankwo@debevoise.com.

Author

Erez Liebermann is a litigation partner and a member of the firm’s Data Strategy & Security Group. He can be reached at eliebermann@debevoise.com.

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Gordon Moodie is a partner in the firm’s New York office and member of the Mergers & Acquisitions Group, Private Equity Group and the Technology, Media and Telecommunications Group, as well as the Public Company Advisory Group and Corporate Governance practice. He can be reached at gsmoodie@debevoise.com.

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Jeffrey L. Robins is a corporate partner and a member of Debevoise’s Banking Group. He can be reached at jlrobins@debevoise.com.

Author

Kristin Snyder is a litigation partner and member of the firm’s White Collar & Regulatory Defense Group. Her practice focuses on securities-related regulatory and enforcement matters, particularly for private investment firms and other asset managers. Ms. Snyder is recommended by The Legal 500 US (2023) and The Legal 500 Latin America (2023). She can be reached at kasnyder@debevoise.com.

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Caroline Swett is a partner and a member of Debevoise’s Financial Institutions and Banking Groups. She can be reached at cnswett@debevoise.com.

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Ted Hassi is a litigation partner and member of the Antitrust Group. He can be reached at thassi@debevoise.com.

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Patrick Fuller is a member of the firm’s Banking Group. He can be reached at pafuller@debevoise.com.

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Chen Xu is a counsel of the Banking Group and is resident in the New York office. His practice focuses on advising banking clients on a wide range of bank regulatory, policy and transactional matters and cryptocurrency-related issues, including in the areas of regulatory capital, liquidity and stress testing. Mr. Xu is recognized as an “associate to watch” by Chambers USA (2021), where clients say that he is “a tremendous resource” who is “just exceptional at working through the real technical nuances of capital rules and the other quantitative aspects of technical regulations.” Mr. Xu received his J.D. from Columbia Law School in 2013 and his B.A. from University of California, Berkeley in 2010. He can be reached at cxu@debevoise.com

Author

Benjamin P. Collins-Wood is a member of the firm’s Corporate Department and the Mergers & Acquisitions Group. He can be reached at bpwood@debevoise.com.

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Alexandra Mogul is a corporate associate and a member of Debevoise's Financial Institutions Group. She can be reached at anmogul@debevoise.com.

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Taylor Richards is a corporate associate and a member of Debevoise's Banking Group. She can be reached at tmrichards@debevoise.com.

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Brynn D'Avanzo is a corporate legal assistant of the firm's Financial Institutions Group.

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