The Supreme Court's recent decision to overturn the "Chevron deference" doctrine is expected to significantly impact the financial industry, creating greater regulatory uncertainty. This doctrine, based on a 1984 precedent, previously allowed government agencies to interpret the laws they administer with substantial autonomy. 

Experts like Prof. Richard Lazarus from Harvard Law School anticipate that the ruling will disrupt the legal system, as much of lawmaking over the past 40 years relied on Chevron deference. Regulatory agencies such as the SEC, Federal Reserve, OCC, CFPB, and CFTC will now need to draft rules more carefully to align with specific statutory language. 

Despite the potential for less regulation, large banks and industry groups have largely remained silent on the decision, though the American Bankers Association has expressed that the ruling underscores the necessity for federal agencies to operate within their statutory limits. 

Finsum: We’ll see how tightly regulation becomes as an issue leading into falls major election.