President-elect Joe Biden is set to take over the White House in January, and the financial services industry is awaiting his key decisions around regulation policies and personnel appointments. Amid the anticipation, it’s unclear just how drastic a change the Biden administration will bring.

“I don’t see major shifts. I think there will be a question of emphasis,” said Thomas Brown, a partner with the Paul Hastings law firm focused on antitrust and competition and global banking and payments system practices. 

In general, industry thinkers expect an emphasis on financial inclusion and breaking down barriers that keep underbanked consumers out of reach.

During the summer, a joint Biden and Bernie Sanders task force put out a set of policy recommendations, one of which was the call for a public credit reporting agency to provide an unbiased alternative to the private credit bureaus. The possibility of a public credit reporting agency seems slimmer after the election, given that the “blue wave” Democrats hoped for in Congress didn’t materialize. Although Democrats maintained their hold of the House, their majority narrowed, and control of the Senate comes down to two runoff elections in Georgia. 

“The creation of a public alternative to the credit reporting agencies always seemed like it was going to be a heavy lift,” Brown said. “I think that seems less likely today.”

There are, however, other less comprehensive changes the Biden administration could make to help lenders reach underbanked consumers. Last month, OCC Acting Comptroller Brian Brooks said during a fireside chat with Berkeley Research Group that payments such as rent and Netflix subscriptions constitute new sources of data that credit agencies could use to reach underbanked consumers.

Many fintech regulatory movements seem likely to continue under Biden, given their bipartisan history. Regulation around open banking — which is receiving attention with the Consumer Financial Protection Bureau’s request for information last month — actually began with Section 1033 of Dodd-Frank, which became law in 2010 during Biden’s tenure as vice president. The special purpose fintech charter, meanwhile, was introduced under the Obama administration and has received continued support under the Trump administration. 

Any uptick in regulation under Biden will make sound and compliant investments that much more important in venture investors’ portfolios. Eric Byunn, a partner at Centana Growth Partners, said many private companies that use data analytics and machine learning haven’t been as thoughtful about privacy and regulatory concerns as they should, which could spell trouble down the road. Being a successful venture firm, he added, means preparing for the long haul and varying political landscapes.

“We have always understood that we had to operate, and operate effectively, in a thoughtful and active regulatory environment,” Byunn said. “Our advice won’t change. We have always been advising our companies to be thoughtful.” As for regulation around open banking, Byunn said having regulatory clarity similar to Europe’s could prove helpful for fintechs.

See also: 2020 election: What’s at stake for bank charters?

Although the Biden administration may push for new technology to promote competition and financial inclusion, whether that extends to big tech is unclear. The increased scrutiny of big tech, particularly around antitrust measures, will put big tech companies under a microscope, according to Julien Courbe, lead partner for the financial services advisory practice at PwC. He added that the accounting firm is advising clients to expect regulatory changes around consumer protection and credit decisions; environmental, social and governance (ESG) investments; and tax policy. As for cabinet appointments , much depends on the undecided Georgia Senate races. 

“Some people were expecting a blue wave,” Courbe said. “It didn’t happen, and because it didn’t happen that tends to make me feel the Biden administration will be looking for more moderate [cabinet] candidates .”