Attorneys interviewed by Bloomberg BNA said consumer financial services lawyers are likely to focus more on state-law compliance and see an uptick in growth-driven regulatory and transactional work under a Donald Trump presidency.

Alan S. Kaplinsky, who leads more than 115 lawyers in the consumer financial services practice at Ballard Spahr in Philadelphia, said the focus ahead probably will center on clear violations of consumer protection statutes like the Truth in Lending Act (TILA), and the Fair Credit Reporting Act (FCRA).

Unfair, deceptive and abusive acts and practices (UDAAP) matters will also get attention, but probably in a different way, he added.

"The CFPB probably won't be as heavily involved as it has been in pushing the envelope and trotting out new theories of liability that aren't clearly supported by the underlying legislation," Kaplinsky told Bloomberg BNA Nov. 29. "I would expect the focus to be on clear-cut violations of enumerated consumer finance laws like TILA and the FCRA, and less emphasis on the "unfair" and "abusive" elements of UDAAP, but with a continued emphasis on fraud."