It's only fitting that we'll end the year with more
uncertainty, this time as a result of the elections. It seems safe
to expect a Biden/Harris administration in January, but the road
ahead remains a bit foggy pending the Georgia Senate run-off
elections in January, the outcome of which will determine which
party controls the Senate. Under Democratic control, we could see
more progressive programs, while a Republican majority could put
the brakes on any aggressive policy agenda. The outcome may even
affect state-level regulation as a divided government could result
in state legislators filling the void.
No matter what happens in Georgia though, a change of
administration following so closely on the heels of unprecedented
public and private borrower assistance sets the stage for increased
scrutiny and enforcement on auto lending. The question is how much,
how soon and by whom?
