The 2020 economy is full of curious contrasts. Millions of Americans sought COVID mortgage relief like forbearances while millions more capitalized on refis and flocked to suburbs to buy new or bigger homes at record low rates. And COVID lockdowns led to the worst Q2 and best Q3 GDP quarters in U.S. history. This is also why housing policies were extremely accommodating in Q2 but relatively quiet in Q3. Such is the absurd new normal in this pandemic economy. Now lenders face a K-shaped economic recovery and two key housing relief policies expiring soon.
Let’s review the state of how a fintech strategy helps, starting with a briefing on election implications.
How election results impact lender fintech decisions
As President-elect Joe Biden prepares to take office in January, we’re seeing leadership change signals at the Consumer Financial Protection Bureau.
Biden already appointed Leandra English to lead his CFPB transition team and, as the hand-picked successor of former CFPB Director Richard Cordray, English is expected to be tapped to head up the agency.