President Barack Obama's election to a second term likely will result in more vigorous enforcement by regulatory agencies such as the Consumer Financial Protection Bureau. One controversial CFPB rule that could result in legal action makes debt-collection lawyers among the entities subject to supervision.

Alan S. Kaplinsky, Practice Leader of Ballard Spahr's Consumer Financial Services Group, said the CFPB has "put itself at risk" by including lawyers.

"The only thing that could really upset the apple cart is if the courts were to rule that [CFPB Director Richard] Cordray's appointment was invalid," Mr. Kaplinsky said, adding that an individual debt-collection lawyer or trade group probably will sue over CFPB oversight. "And I doubt they'll just challenge the validity of [the rule] but Cordray's appointment as well. There's still a cloud hanging over the appointment."