A version of the following article appeared in the October 26, 2026, edition of The Charlotte Ledger, an e-newsletter with local business-y news and insights for Charlotte, N.C.
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The midterm elections could lead to investigations, new pressure on credit card interest rates and an alliance of populists on the left and right, a top Bank of America lobbyist says
Winds in Washington could soon be shifting for financial services companies, Bank of America senior vice president of federal government relations Jim Carlisle said this week. (Photo: Tony Mecia/The Charlotte Ledger)
by Tony Mecia
After enjoying nearly two years of an administration that has largely rolled back regulations, the financial services industry seems likely to face a more complicated political environment in Washington following next month’s election.
That’s the assessment of Jim Carlisle, one of the top Washington lobbyists for Charlotte-based Bank of America. He told the Charlotte Economics Club this week that if Democrats take control of at least one chamber of Congress, as most pundits are predicting, banks will have to adjust to the reality that backers of tighter regulations will hold key positions of power.
"We're preparing for a world where the House Financial Services Committee is again chaired by Maxine Waters,” said Carlisle, Bank of America’s senior vice president of federal government relations. “We're preparing for a world [where] Senate Banking is chaired by Elizabeth Warren. So we would expect an awful lot of inquiries into an awful lot of different issues."
Most political watchers believe Democrats will win control of the House, but odds are more evenly split over Democrats taking control of the Senate.
Big banks have generally welcomed changes from Washington since President Donald Trump returned to office in January 2025. Regulators have proposed reducing capital requirements for large banks, streamlined the process for approving bank mergers and pulled back consumer-protection enforcement. Trump also signed legislation overturning a rule that would have capped overdraft fees at large banks.
Charlotte is the nation’s No. 2 banking center and a major employment hub for Bank of America, Wells Fargo, Truist Bank, Ally Financial, Vanguard, TIAA, U.S. Bank and other national and regional financial services companies.
If Democrats win control of at least one chamber, Carlisle said the implications for the financial services industry could include:
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