The year 2020 has been filled with words like uncertainty, instability, anxiety and unprecedented. Tuesday night's election is no different. The outcome of the presidential and congressional elections will determine the future of banking policies and impact the economy, not just on a national level, but in ways that will affect some markets more than others.

From CRA reform to CFPB leadership, there are many issues at stake for financial institutions. The theme of the Trump presidency was deregulation. We can expect status quo if he is reelected and the Republicans remain in control of the Senate. Meanwhile, a change of hands over to Biden would lead us down a path of reforms and policy adjustments, especially if the Senate goes to the Democrats. But remember, no matter who wins, change takes time. The checks and balances built into our government – not to mention the political dysfunction – will temper lofty campaign trail promises.