The reelection of President Obama and the continued Democratic majority in the Senate fortifies the Consumer Financial Protection Bureau (CFPB). President Obama’s Republican challenger, Mitt Romney, had pledged that, if elected, he would have worked to dismantle the CFPB. Although that would have been unlikely, now instead it is “full speed ahead for the CFPB,” according to Alan S. Kaplinsky, a partner at Ballard Spahr and Chair of its Consumer Financial Services Group.

The CFPB is in the process of crafting regulations for the prepaid card industry. Mr. Kaplinsky predicts that the agency will establish a “larger participant rule” for the industry, which would designate the prepaid companies that fall under the CFPB’s supervision.