Lacking legislation, the job of monitoring and controlling banking activity would be handled by the many bank regulatory bodies set up for this purpose. However, there has been a profound change here, also. The people who direct and operate the following alphabet agencies are all new. This includes the Financial Stability Oversight Council (FSOC), the Federal Reserve Board (FRB), the FDIC, the Office of the Comptroller of the Currency (OCC), the National Credit Union Administration (NCUA), the (Federal Housing Finance Agency), the Consumer Finance Protection Bureau (CFPB0, the Commodities Futures Trading Commission (CFTC), the Federal Housing Administration (FHA0, the Securities and Exchange Commission (SEC), the Treasury, the Department of Labor, and the Justice Department.
While the previous leaders of these governmental agencies were imbued with a driving need to change and control banking; the current managers of these departments have needs and concerns that are exactly the opposite of their predecessors. They want to relax regulation and foster the growth of banking and through banks the economy.
To the degree that one believes that banks provide the funds that allow the financial system to thrive and therefore to stimulate economic growth, the changes offer hope. To banks and bank shareholders, at the very least, the freedom from new legislation and the easing of past regulations creates opportunity. The potential for positive results here have increased meaningfully.